BLACKROCK INCOME TRUST, INC.
 
June 30, 2026 
2026 Semi-Annual Report
(Unaudited)
 
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
BlackRock Income Trust, Inc. (BKT)
BlackRock Limited Duration Income Trust (BLW)
BlackRock Multi-Sector Income Trust (BIT)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Supplemental Information (unaudited)
 
Section 19(a) Notices
BlackRock Debt Strategies Fund, Inc.’s (DSU), BlackRock Floating Rate Income Strategies Fund, Inc.’s (FRA), BlackRock Income Trust, Inc.’s (BKT), BlackRock Limited Duration Income Trust’s (BLW) and BlackRock Multi-Sector Income Trust’s (BIT) (collectively, the “Funds" or individually, a “Fund”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Each Fund will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
June 30, 2026 
 
 
Total Cumulative Distributions
for the Fiscal Period
% Breakdown of the Total Cumulative
Distributions for the Fiscal Period
Fund Name
 
Net
Income
Net Realized
Capital Gains
Short-Term
Net Realized
Capital Gains
Long-Term
Return of
Capital (a)
Total Per
Common
Share
Net
Income
Net Realized
Capital Gains
Short-Term
Net Realized
Capital Gains
Long-Term
Return of
Capital
Total Per
Common
Share
DSU
 
$ 0.299858
$ —
$ —
$ 0.292522
$ 0.592380
51
% 
—
% 
—
% 
49
% 
100
% 
FRA
 
0.365686
—
—
0.377354
0.743040
49
—
—
51
100
BKT
 
0.234070
—
—
0.295130
0.529200
44
—
—
56
100
BLW
 
0.476197
—
—
0.203003
0.679200
70
—
—
30
100
BIT
 
0.424616
—
—
0.317584
0.742200
57
—
—
43
100
 
(a)
Each Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital
may occur, for example, when some or all of the shareholder’s investment in a Fund is returned to the shareholder. A return of capital does not necessarily reflect a Fund’s investment
performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Fund’s net asset value per share.
Section 19(a) notices for the Funds, as applicable, are available on the BlackRock website at blackrock.com.
Managed Distribution Plan
The Funds, each with the approval of its Board of Directors or Board of Trustees, as applicable (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Funds currently distribute the following fixed amounts per share on a monthly basis: 
Fund Name
Amount Per
Common Share
DSU
$ 0.098730
FRA
0.123840
BKT
0.088200
BLW
0.113200
BIT
0.123700
The fixed amounts distributed per share are subject to change at the discretion of each Fund’s Board. Each Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under its Plan, a Fund will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, a Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, a Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.
Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of these distributions or from the terms of the Plan. Each Fund’s total return performance is presented in its financial highlights table.
Each Fund’s Board may amend, suspend or terminate a Fund’s Plan at any time without prior notice to the Fund’s shareholders if it deems such actions to be in the best interests of the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code.  Please refer to each Fund’s prospectus for a more complete description of a Fund’s risks.
2
2026 BlackRock Semi-Annual Report to Shareholders
Table of Contents 
Page
 
3
The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Fund’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund’s financing cost of leverage is significantly lower than the income earned on a Fund’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage. Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Fund’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Fund’s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Fund’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of each Fund’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.
Each Fund may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
 
4
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
 
BlackRock Debt Strategies Fund, Inc. (DSU)
Investment Objective
BlackRock Debt Strategies Fund, Inc.’s (DSU) (the “Fund”) primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies’ debt instruments, including senior and subordinated corporate loans, both secured and unsecured, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P Global Ratings ("S&P") or Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”)) or unrated debt instruments, which are in the judgment of the investment adviser of equivalent quality. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund’s secondary investment objective is to seek to provide capital appreciation.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information 
Symbol on New York Stock Exchange
DSU
Initial Offering Date
March 27, 1998
Current Distribution Rate on Closing Market Price as of June 30, 2026 ($9.70)(a)
12.21%
Current Monthly Distribution per Common Share(b)
$0.098730
Current Annualized Distribution per Common Share(b)
$1.184760
Leverage as of June 30, 2026(c)
15%
 
(a)
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may
consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b)
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c)
Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings), minus the sum
of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of
leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.
Market Price and Net Asset Value Per Share Summary 
 
06/30/26
12/31/25
Change
High
Low
Closing Market Price
$ 9.70
$ 10.18
(4.72
)% 
$ 10.38
$ 9.35
Net Asset Value
9.61
10.14
(5.23
)
10.18
9.60
Performance
Returns for the period ended June 30, 2026 were as follows: 
 
 
Average Annual Total Returns
 
6-month
1 Year
5 Years
10 Years
Fund at NAV(a)(b)
0.67
% 
4.47
% 
6.15
% 
6.76
% 
Fund at Market Price(a)(b)
1.21
3.35
6.84
8.12
Reference Benchmark(c)
1.64
5.14
5.12
5.68
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(d)
1.96
5.91
4.17
5.81
Morningstar LSTA U.S. Leveraged Loan Index(e)
1.31
4.36
6.01
5.50
 
(a)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
(b)
The Fund’s premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)
The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (50%) and the Morningstar LSTA Leveraged Loan Index (50%). The
Reference Benchmark’s index content and weightings may have varied over past periods.
(d)
An unmanaged index comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no
issuer represents more than 2% of the index.
(e)
A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positions in leveraged loans made the largest contribution to absolute performance, followed by high yield bonds. In terms of credit tiers, BB rated issues were the leading contributors, followed by those rated B. At the sector level, the largest contributions came from consumer cyclical issues.
Fund Summary
5
Fund Summary as of June 30, 2026(continued)
 
BlackRock Debt Strategies Fund, Inc. (DSU)
Holdings in the technology and aerospace & defense sectors detracted. An allocation to CCC rated debt weighed on performance, as well. A small weighting in equities also detracted, as did the Fund’s use of loan index products (a form of derivative).
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe recent portfolio activity.
The most notable change at the sector level occurred in technology, where the Fund moved from an overweight at the start of the period to a modest underweight at the end of June. Other sector positioning changes were largely muted. The Fund also increased its underweight in B rated securities while trimming its underweight in BBs.
The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
Bank loans remained the largest allocation in the portfolio, with high yield bonds also having a meaningful weighting. The Fund was overweight in securities rated BBB and B2, and it was underweight in BBs, B1s, B3s, and CCCs. The top sector overweights included property & casualty insurance, diversified manufacturing, and building materials. Midstream energy, cable & satellite, and technology were among the largest underweights.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
 
PORTFOLIO COMPOSITION
Investment Type
Percent of Total
Investments
Floating Rate Loan Interests
70.5
%
Corporate Bonds
19.5
Investment Companies
7.1
Short-Term Securities
1.1
Other*
1.8
 
CREDIT QUALITY ALLOCATION
Credit Rating(a)
Percent of Total
Investments(b)
AA/Aa
0.1
%
A
1.0
BBB/Baa
8.7
BB/Ba
31.9
B
46.5
CCC/Caa
3.7
C
—
(c)
N/R
8.1
 
(a)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating
agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade
ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality
ratings are subject to change.
(b)
Excludes short-term securities.
(c)
Rounds to less than 0.1%.
*
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.
6
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
 
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Investment Objective
BlackRock Floating Rate Income Strategies Fund, Inc.’s (FRA) (the “Fund”) investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its managed assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or calendar quarter). The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade at the time of investment or, if unrated, are considered by the investment adviser to be of comparable quality. The Fund may invest directly in floating rate debt securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information 
Symbol on New York Stock Exchange
FRA
Initial Offering Date
October 31, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2026 ($10.99)(a)
13.52%
Current Monthly Distribution per Common Share(b)
$0.123840
Current Annualized Distribution per Common Share(b)
$1.486080
Leverage as of June 30, 2026(c)
19%
 
(a)
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may
consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b)
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c)
Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings), minus the sum
of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of
leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.
Market Price and Net Asset Value Per Share Summary 
 
06/30/26
12/31/25
Change
High
Low
Closing Market Price
$ 10.99
$ 11.78
(6.71
)% 
$ 12.18
$ 10.54
Net Asset Value
11.38
12.10
(5.95
)
12.15
11.38
Performance
Returns for the period ended June 30, 2026 were as follows: 
 
 
Average Annual Total Returns
 
6-month
1 Year
5 Years
10 Years
Fund at NAV(a)(b)
0.45
% 
3.63
% 
6.14
% 
6.00
% 
Fund at Market Price(a)(b)
(0.36
)
(5.10
)
6.58
6.68
Morningstar LSTA U.S. Leveraged Loan Index(c)
1.31
4.36
6.01
5.50
 
(a)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
(b)
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)
A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positions in leveraged loans made the largest contribution to absolute performance. In terms of credit tiers, BBB and B rated issues were the leading contributors, followed by BBs. At the sector level, the largest contributions came from consumer cyclical and chemical issues.
Holdings in CCC rated securities detracted, as did the Fund’s positions in the technology and aerospace/defense sectors.
Fund Summary
7
Fund Summary as of June 30, 2026(continued)
 
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe recent portfolio activity.
The Fund reduced its weightings in B1 and B3 rated issues, and it added to its overweight in BBs. The portfolio’s overall asset allocation was largely unchanged.
The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
The Fund was overweight in BBBs and BBs, and it was underweight in Bs and CCCs. The top sector overweights included building materials, property and casualty insurance, and diversified manufacturing. Technology, healthcare, and consumer cyclical services were among the largest underweights. The Fund had limited out-of-benchmark allocations to high yield bonds, investment-grade corporate bonds, and equities.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
 
PORTFOLIO COMPOSITION
Investment Type
Percent of Total
Investments
Floating Rate Loan Interests
92.8
%
Investment Companies
4.2
Corporate Bonds
1.4
Other*
1.6
 
CREDIT QUALITY ALLOCATION
Credit Rating(a)
Percent of Total
Investments(b)
AA/Aa
0.1
%
A
0.9
BBB/Baa
11.2
BB/Ba
30.4
B
49.3
CCC/Caa
3.0
C
—
(c)
N/R
5.1
 
(a)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating
agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade
ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality
ratings are subject to change.
(b)
Excludes short-term securities.
(c)
Rounds to less than 0.1%.
*
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.
8
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
 
BlackRock Income Trust, Inc. (BKT)
Investment Objective
BlackRock Income Trust, Inc.’s (BKT) (the “Fund”) investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income. The Fund seeks to achieve its investment objective by investing at least 65% of its assets in mortgage-backed securities. The Fund invests at least 80% of its assets in securities that are (i) issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&P Global Ratings ("S&P") or Aaa by Moody’s Investors Service, Inc ("Moody’s"). The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information 
Symbol on New York Stock Exchange
BKT
Initial Offering Date
July 22, 1988
Current Distribution Rate on Closing Market Price as of June 30, 2026 ($10.72)(a)
9.87%
Current Monthly Distribution per Common Share(b)
$0.088200
Current Annualized Distribution per Common Share(b)
$1.058400
Leverage as of June 30, 2026(c)
26%
 
(a)
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may
consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b)
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c)
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus
the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a
discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.
Market Price and Net Asset Value Per Share Summary 
 
06/30/26
12/31/25
Change
High
Low
Closing Market Price
$ 10.72
$ 11.04
(2.90
)% 
$ 11.19
$ 10.24
Net Asset Value
11.01
11.51
(4.34
)
11.59
10.90
Performance
Returns for the period ended June 30, 2026 were as follows: 
 
 
Average Annual Total Returns
 
6-month
1 Year
5 Years
10 Years
Fund at NAV(a)(b)
0.43
% 
1.77
% 
(1.15
)% 
0.93
% 
Fund at Market Price(a)(b)
1.95
0.35
(2.79
)
1.21
FTSE Mortgage Index(c)
0.98
5.14
0.37
1.35
 
(a)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
(b)
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)
An unmanaged index that includes all outstanding government sponsored fixed rate mortgage-backed securities, weighted in proportion to their current market capitalization.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
The Fund’s allocation to both passthrough agency mortgage-backed securities (“MBS”) and MBS derivatives contributed positively through income generation and the benefit of narrowing spreads relative to Treasuries. Within agency MBS derivatives, contributions came from fixed and floating rate collateralized loan obligations (“CMOs”) as well as interest-only (“IO”) and principal-only (“PO”) securities.
Tactical positioning with respect to portfolio duration and corresponding interest rate sensitivity detracted from performance. Specifically, the Fund had an above-benchmark duration to start the period that weighed on performance as the Treasury curve moved higher in the wake of the late-February launch of the U.S.-Iran conflict.
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Fund Summary
9
Fund Summary as of June 30, 2026(continued)
 
BlackRock Income Trust, Inc. (BKT)
Describe recent portfolio activity.
The Fund’s allocation to well-structured agency CMOs, which serve as a source of high-quality income, was increased over the period. Additionally, the Fund’s exposure to agency MBS passthroughs and commercial mortgage-backed securities (“CMBS”) increased modestly.
The  Fund held derivatives during the period as a part of its investment strategy and can sometimes have notional derivative exposure greater than 20%. Derivatives are used by the portfolio management team as a means to hedge and/or take outright views on interest rates and/or credit risk positions in the portfolio. Specifically, the portfolio used Treasury futures to express duration bias and curve bias. The  Fund also tactically allocates to mortgage derivatives to gain market exposure to specific collateral stories when relative value opportunities present themselves.
Describe portfolio positioning at period end.
The  Fund continued to hold a substantial allocation to agency MBS passthroughs, well-structured agency CMOs, and IO securities. The  Fund maintained an allocation to CMBS, which was the only meaningful exposure held within non-agency securitized assets.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
 
PORTFOLIO COMPOSITION
Investment Type
Percent of Total
Investments
U.S. Government Sponsored Agency Securities
91.2
%
Non-Agency Mortgage-Backed Securities
6.6
U.S. Treasury Obligations
2.0
Other*
0.2
 
CREDIT QUALITY ALLOCATION
Credit Rating(a)
Percent of Total
Investments(b)
AAA/Aaa(c)
34.3
%
AA/Aa
62.2
CCC/Caa
—
(d)
N/R
3.5
 
(a)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating
agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade
ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality
ratings are subject to change.
(b)
Excludes short-term securities, short investments and options, if any.
(c)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of
sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury
Obligations to be of similar credit quality as investments rated AAA/Aaa.
(d)
Rounds to less than 0.1%.
*
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.
10
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
 
BlackRock Limited Duration Income Trust (BLW)
Investment Objective
BlackRock Limited Duration Income Trust’s (BLW) (the “Fund”) investment objective is to provide current income and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in three distinct asset classes:
• intermediate duration, investment grade corporate bonds, mortgage-related securities, asset-backed securities and U.S. Government and agency securities;
• senior, secured floating rate loans made to corporate and other business entities; and
• U.S. dollar-denominated securities of U.S. and non-U.S. issuers rated below investment grade at the time of investment or unrated and deemed by the investment adviser to be of comparable quality and, to a limited extent, non-U.S. dollar denominated securities of non-U.S. issuers rated below investment grade or unrated and deemed by the investment adviser to be of comparable quality.
The Fund’s portfolio normally has an average portfolio duration of less than five years (including the effect of anticipated leverage), although it may be longer from time to time depending on market conditions. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information 
Symbol on New York Stock Exchange
BLW
Initial Offering Date
July 30, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2026 ($12.49)(a)
10.88%
Current Monthly Distribution per Common Share(b)
$0.113200
Current Annualized Distribution per Common Share(b)
$1.358400
Leverage as of June 30, 2026(c)
35%
 
(a)
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may
consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b)
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c)
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus
the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a
discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.
Market Price and Net Asset Value Per Share Summary 
 
06/30/26
12/31/25
Change
High
Low
Closing Market Price
$ 12.49
$ 13.74
(9.10
)% 
$ 13.81
$ 12.16
Net Asset Value
13.25
13.90
(4.68
)
13.96
13.24
Performance
Returns for the period ended June 30, 2026 were as follows: 
 
 
Average Annual Total Returns
 
6-month
1 Year
5 Years
10 Years
Fund at NAV(a)(b)
0.42
% 
4.82
% 
4.05
% 
6.22
% 
Fund at Market Price(a)(b)
(4.24
)
(2.59
)
2.97
6.45
Reference Benchmark(c)
1.40
4.69
4.22
4.63
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(d)
1.96
5.91
4.17
5.81
Morningstar LSTA Leveraged Loan Index(e)
1.31
4.36
6.01
5.50
BATS S Benchmark(f)
0.91
3.79
2.39
2.46
 
(a)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
(b)
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)
The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (33.33%), the Morningstar LSTA Leveraged Loan Index (33.33%), and the
BATS S Benchmark (33.34%). The Reference Benchmark’s index content and weightings may have varied over past periods.
(d)
An unmanaged index comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no
issuer represents more than 2% of the index.
(e)
A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.
(f)
A composite index comprised of Bloomberg ABS 1-3 Year AAA Rated ex Home Equity Index, Bloomberg Corporate 1-5 year Index, Bloomberg CMBS Investment Grade 1-3.5 Yr. Index,
Bloomberg MBS 15 Yr Index and Bloomberg Credit Ex-Corporate 1-5 Yr Index.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
Fund Summary
11
Fund Summary as of June 30, 2026(continued)
 
BlackRock Limited Duration Income Trust (BLW)
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
The largest contributors to the  Fund’s absolute performance over the period included allocations to credit-oriented sectors including high yield corporate bonds, capital securities, emerging market debt, collateralized loan obligations (“CLOs”) and non-agency residential mortgage-backed securities (“MBS”).
The  Fund’s stance with respect to overall portfolio duration and positioning along the yield curve weighed on return. In addition, exposure to floating rate bank loans and the use of Treasury derivatives detracted from performance.
Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio. During the period, derivatives had a negative impact on the  Fund’s performance. Private credit exposure was marginal over the period and did not have a material impact on performance.
Describe recent portfolio activity.
The Fund shifted duration (and corresponding interest rate sensitivity) tactically, extending duration during the first quarter as a hedge against potential credit spread widening. Duration was trimmed in the second quarter as stubborn inflation, resilient growth and firm labor market data pushed yields higher with markets pricing in U.S. Federal Reserve rate hikes.
Across spread sectors, high yield corporate bonds remained the largest allocation and this exposure was increased early in the period based on incremental income and sound credit fundamentals, before being reduced later in the period. The allocation to floating rate bank loans was essentially held steady. Exposure to investment grade corporate bonds was increased on sector weakness driven by the late-February launch of the U.S.-Iran conflict and subsequently pared back as risk assets recovered. Emerging markets exposure was increased based on attractive income and a supportive macroeconomic backdrop, while the U.S. Treasury allocation was reduced.
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe portfolio positioning at period end.
At period end, the Fund maintained diversified exposure to non-government spread sectors including high yield and investment grade corporate bonds, bank loans, capital securities and CLOs. The Fund also held modest exposure to U.S. Treasuries.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
12
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026(continued)
 
BlackRock Limited Duration Income Trust (BLW)
Overview of the Fund’s Total Investments
 
PORTFOLIO COMPOSITION
Investment Type
Percent of Total
Investments
Corporate Bonds
43.1
%
Floating Rate Loan Interests
37.7
Preferred Securities
5.3
Asset-Backed Securities
4.1
Investment Companies
3.4
Non-Agency Mortgage-Backed Securities
3.0
U.S. Government Sponsored Agency Securities
1.6
Other*
1.8
 
CREDIT QUALITY ALLOCATION
Credit Rating(a)
Percent of Total
Investments(b)
AAA/Aaa(c)
3.2
%
AA/Aa
0.7
A
1.6
BBB/Baa
10.3
BB/Ba
33.8
B
38.1
CCC/Caa
4.7
C
—
(d)
D
—
(d)
N/R
7.6
 
(a)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating
agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade
ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality
ratings are subject to change.
(b)
Excludes short-term securities.
(c)
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.
(d)
Rounds to less than 0.1%.
*
Includes one or more investment categories that individually represents less than 1.0% of the Funds’ net assets. Please refer to the Schedule of Investments for details.
Fund Summary
13
Fund Summary as of June 30, 2026
 
BlackRock Multi-Sector Income Trust (BIT)
Investment Objective
BlackRock Multi-Sector Income Trust’s (BIT) (the “Fund”) primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in loan and debt instruments and other investments with similar economic characteristics. The Fund may invest directly in such securities or synthetically through the use of derivatives. Additionally, as part of the Fund’s investments in loans, the Fund may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information 
Symbol on New York Stock Exchange
BIT
Initial Offering Date
February 27, 2013
Current Distribution Rate on Closing Market Price as of June 30, 2026 ($12.52)(a)
11.86%
Current Monthly Distribution per Common Share(b)
$0.123700
Current Annualized Distribution per Common Share(b)
$1.484400
Leverage as of June 30, 2026(c)
37%
 
(a)
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may
consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b)
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c)
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus
the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a
discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.
Market Price and Net Asset Value Per Share Summary 
 
06/30/26
12/31/25
Change
High
Low
Closing Market Price
$ 12.52
$ 13.06
(4.13
)% 
$ 13.40
$ 12.21
Net Asset Value
13.30
13.91
(4.39
)
13.98
13.26
Performance
Returns for the period ended June 30, 2026 were as follows: 
 
 
Average Annual Total Returns
 
6-month
1 Year
5 Years
10 Years
Fund at NAV(a)(b)
1.29
% 
3.28
% 
3.51
% 
6.69
% 
Fund at Market Price(a)(b)
1.56
(4.05
)
2.13
7.10
Bloomberg U.S. Aggregate Bond Index(c)
0.62
3.79
0.08
1.54
 
(a)
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
(b)
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)
A broad-based flagship benchmark that measures the investment grade, USD-denominated, fixed-rate taxable bond market.
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positive contributions to the Fund’s performance over the period were highlighted by exposure to U.S. high yield corporate bonds. In addition, exposure to agency and non-agency residential mortgage-backed securities (“MBS”), emerging market debt and capital securities proved additive.
The Fund’s stance with respect to overall portfolio duration and positioning along the yield curve weighed most heavily on return, followed by the use of derivatives and the allocation to floating rate bank loans.
Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio. During the period, derivatives had a negative impact on the Fund’s performance. Private credit exposure was marginal over the period and did not have a material impact on performance.
14
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026(continued)
 
BlackRock Multi-Sector Income Trust (BIT)
Describe recent portfolio activity.
The Fund shifted duration (and corresponding interest rate sensitivity) tactically, extending duration during the first quarter as a hedge against potential credit spread widening, in part through the use of U.S. Treasury futures. Duration was trimmed in the second quarter as stubborn inflation, resilient growth and firm labor market data pushed yields higher with markets pricing in U.S. Federal Reserve rate hikes.
Within spread sectors, the Fund increased exposure to high yield corporates early in the period based on incremental yield and sound credit fundamentals, before pruning this exposure later in the period. Exposure to investment grade corporates was also increased in the first quarter as risk assets cheapened following the launch of the U.S.-Iran conflict. This allocation was then trimmed on strength in the second quarter in favor of AAA non-agency MBS with a more compelling risk adjusted yield profile. The Fund largely exited the allocation to bank loans in favor of fixed rate high yield corporates to lock in yield. Agency collateralized mortgage obligations were retained for their favorable income and interest rate risk profile, while select emerging market holdings were introduced based on attractive income and a supportive macroeconomic backdrop.
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe portfolio positioning at period end.
At period end, the Fund maintained a diversified exposure across spread sectors, most notably high yield corporate bonds, followed by agency and non-agency MBS, investment grade corporate bonds and emerging market debt. Portfolio duration ended the period higher relative to its starting point.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
 
PORTFOLIO COMPOSITION
Investment Type
Percent of Total
Investments
Corporate Bonds
60.6
%
U.S. Government Sponsored Agency Securities
13.0
Non-Agency Mortgage-Backed Securities
10.8
Asset-Backed Securities
6.2
Preferred Securities
4.7
Foreign Agency Obligations
2.5
U.S. Treasury Obligations
1.1
Other*
1.1
 
CREDIT QUALITY ALLOCATION
Credit Rating(a)
Percent of Total
Investments(b)
AAA/Aaa(c)
15.9
%
AA/Aa
4.3
A
2.7
BBB/Baa
11.5
BB/Ba
32.8
B
20.1
CCC/Caa
5.3
C
0.1
D
—
(d)
N/R
7.3
 
(a)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating
agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade
ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality
ratings are subject to change.
(b)
Excludes short-term securities.
(c)
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.
(d)
Rounds to less than 0.1%.
*
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.
Fund Summary
15
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2,
(3-mo. CME Term SOFR + 3.35%), 7.02%,
07/15/37(a)(b)
USD
2,000
$ 1,985,468
Golub Capital Partners CLO Ltd., Series 2024-74A,
Class D1, (3-mo. CME Term SOFR + 3.20%), 6.87%,
07/25/37(a)(b)
 
1,500
1,500,589
Madison Park Funding LXIX Ltd., Series 2024-69A,
Class D1, (3-mo. CME Term SOFR + 3.35%), 7.02%,
07/25/37(a)(b)
 
1,090
1,082,718
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-
mo. CME Term SOFR + 2.65%), 6.32%, 01/05/38(a)(b)
 
1,000
1,003,720
Total Asset-Backed Securities — 0.9%
(Cost: $5,590,000)
5,572,495
 
 
 
 
Shares
 
Common Stocks
Financial Services(c) — 0.1%
Aimbridge Acquisition Co., Inc.
 
6,043
231,672
Labels Buyer LLC
 
207
19,010
 
 
250,682
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc.(c)
 
1,661
1,383
Hotels, Restaurants & Leisure — 0.0%
Fortrex Equity(c)(d)
 
5,805
87,075
Industrial Conglomerates(c) — 0.0%
Ameriforge Group, Inc.(d)
 
1,664
—
SVP Singer
 
15,566
101,179
 
 
101,179
IT Services — 0.0%
Travelport LLC(c)(d)
 
230
157,357
Machinery — 0.1%
United Site Services, Inc.(c)(d)
 
24,463
244,630
Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.(c)
 
2
1
Trading Companies & Distributors — 0.0%
TMK Hawk Midco Corp.(c)
 
24,798
49,596
Wireless Telecommunication Services — 0.0%
Altice France Lux 3(c)
 
11,960
235,620
Total Common Stocks — 0.2%
(Cost: $2,355,598)
1,127,523
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 0.5%
Clear Channel Outdoor Holdings, Inc.(b)
 
7.75%, 04/15/28
USD
188
188,303
7.50%, 06/01/29
 
303
303,156
7.88%, 04/01/30
 
505
526,047
7.13%, 02/15/31
 
243
251,625
7.50%, 03/15/33
 
513
540,148
Security
 
Par
(000)
Value
Advertising Agencies (continued)
CMG Media Corp., 8.88%, 06/18/29(b)
USD
63
$ 46,110
Lamar Media Corp.
 
4.00%, 02/15/30
 
15
14,338
5.38%, 11/01/33(b)
 
41
40,183
Neptune Bidco U.S., Inc.(b)
 
9.29%, 04/15/29
 
152
155,013
10.38%, 05/15/31
 
98
101,569
9.50%, 02/15/33
 
136
137,504
Outfront Media Capital LLC/Outfront Media Capital
Corp.(b)
 
4.25%, 01/15/29
 
52
50,633
4.63%, 03/15/30
 
79
76,621
7.38%, 02/15/31
 
140
145,588
6.00%, 06/15/34
 
224
223,591
Stagwell Global LLC, 5.63%, 08/15/29(b)
 
32
30,865
 
 
2,831,294
Aerospace & Defense — 0.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b)
 
80
81,730
ATI, Inc.
 
5.88%, 12/01/27
 
93
93,046
4.88%, 10/01/29
 
32
31,649
7.25%, 08/15/30
 
103
106,942
5.13%, 10/01/31
 
88
87,102
5.88%, 06/15/33
 
28
28,389
Bombardier, Inc.(b)
 
8.75%, 11/15/30
 
44
46,510
7.25%, 07/01/31
 
55
57,548
6.75%, 06/15/33
 
295
305,364
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%,
02/15/32(b)
 
644
644,431
Goat Holdco LLC, 6.75%, 02/01/32(b)
 
44
45,094
Moog, Inc., 5.50%, 10/15/34(b)
 
47
46,284
TransDigm, Inc.(b)
 
6.75%, 08/15/28
 
129
130,285
6.63%, 03/01/32
 
245
251,277
6.00%, 01/15/33
 
382
385,753
6.38%, 05/31/33
 
630
635,990
6.25%, 01/31/34
 
33
33,673
6.75%, 01/31/34
 
687
704,662
6.13%, 07/31/34
 
426
425,452
 
 
4,141,181
Air Freight & Logistics(b) — 0.0%
Rand Parent LLC, 8.50%, 02/15/30
 
57
59,043
Stonepeak Nile Parent LLC, 7.25%, 03/15/32
 
30
31,066
 
 
90,109
Automobile Components — 0.3%
American Axle & Manufacturing, Inc.(b)
 
6.38%, 10/15/32
 
48
47,831
7.75%, 10/15/33
 
50
49,393
Clarios Global LP/Clarios U.S. Finance Co.(b)
 
6.75%, 05/15/28
 
85
86,245
6.75%, 02/15/30
 
68
70,069
4.75%, 06/15/31
EUR
100
115,584
6.75%, 09/15/32
USD
519
530,047
Cyprium Corp./Cyprium Holdings Luxembourg SARL,
6.13%, 04/15/31(b)
 
75
74,997
Dana, Inc.
 
4.25%, 09/01/30
 
11
10,963
4.50%, 02/15/32
 
18
17,956
16
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobile Components (continued)
Dorman Products, Inc., 6.25%, 06/15/34(b)
USD
15
$ 15,172
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%,
05/31/32(b)
 
90
94,499
Goodyear Tire & Rubber Co.
 
5.00%, 07/15/29
 
26
24,854
6.63%, 07/15/30
 
34
32,838
8.88%, 07/15/32
 
112
112,972
Qnity Electronics, Inc.(b)
 
5.75%, 08/15/32
 
158
158,842
6.25%, 08/15/33
 
53
53,924
Tenneco, Inc., 8.00%, 11/17/28(b)
 
226
227,413
 
 
1,723,599
Automobiles — 0.3%
Allison Transmission, Inc., 5.88%, 12/01/33(b)
 
111
110,655
Asbury Automotive Group, Inc., 4.50%, 03/01/28
 
39
38,607
Carvana Co.(b)(e)
 
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30
 
170
175,925
(9.00% PIK), 9.00%, 06/01/31
 
602
664,350
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b)
 
50
52,412
Group 1 Automotive, Inc., 6.38%, 01/15/30(b)
 
34
34,426
Ken Garff Automotive LLC, 4.88%, 09/15/28(b)
 
25
24,756
LCM Investments Holdings II LLC(b)
 
4.88%, 05/01/29
 
72
70,101
8.25%, 08/01/31
 
48
50,013
Lithia Motors, Inc., 5.50%, 10/01/30(b)
 
55
54,321
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30(b)
 
142
139,589
Nissan Motor Co. Ltd.(b)
 
7.75%, 07/17/32
 
200
207,291
6.38%, 07/17/33
EUR
100
116,637
8.13%, 07/17/35
USD
200
211,794
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC,
10.00%, 01/15/31(b)
 
73
72,708
Venture Holdings Trust, 12.00%, 07/01/49(c)(d)(f)
 
5,150
—
 
 
2,023,585
Banks — 0.0%
Banco Espirito Santo SA(f)
 
2.63%, 05/08/17(c)(g)
EUR
100
25,137
4.75%, 01/15/22(a)(c)
 
200
50,274
4.00%, 01/21/22
 
100
25,137
Walker & Dunlop, Inc., 6.63%, 04/01/33(b)
USD
37
37,590
 
 
138,138
Biotechnology(b) — 0.1%
BioMarin Pharmaceutical, Inc., 5.50%, 02/15/34
 
200
196,489
Genmab AS/Genmab Finance LLC, 7.25%, 12/15/33
 
200
208,520
 
 
405,009
Building Materials(b) — 0.4%
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33
 
70
73,140
Builders FirstSource, Inc., 6.75%, 05/15/35
 
136
138,662
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
 
6.63%, 12/15/30
 
287
293,410
6.75%, 07/15/31
 
296
306,374
Jeld-Wen, Inc., 4.88%, 12/15/27
 
58
46,184
New Enterprise Stone & Lime Co., Inc.
 
5.25%, 07/15/28
 
26
25,896
9.75%, 07/15/28
 
59
59,103
Quikrete Holdings, Inc., 6.38%, 03/01/32
 
483
493,228
Standard Building Solutions, Inc.
 
6.50%, 08/15/32
 
219
220,324
6.25%, 08/01/33
 
262
260,177
Security
 
Par
(000)
Value
Building Materials (continued)
Standard Building Solutions, Inc. (continued)
 
5.88%, 03/15/34
USD
104
$ 100,217
Standard Industries, Inc., 4.38%, 07/15/30
 
141
133,915
Wilsonart LLC, 11.00%, 08/15/32
 
177
143,395
 
 
2,294,025
Building Products(b) — 0.3%
QXO Building Products, Inc.
 
6.50%, 07/15/31
 
344
350,595
6.75%, 04/30/32
 
452
466,726
6.88%, 07/15/34
 
325
333,637
White Cap Supply Holdings LLC, 7.38%, 11/15/30
 
917
929,738
 
 
2,080,696
Capital Markets — 0.3%
Apollo Debt Solutions BDC
 
5.88%, 08/30/30
 
31
30,675
6.55%, 03/15/32
 
16
16,137
Ares Strategic Income Fund, 5.80%, 09/09/30
 
60
59,108
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30
 
15
14,609
Blackstone Secured Lending Fund, 5.90%, 05/21/31
 
65
64,031
Blue Owl Capital Corp.
 
6.20%, 07/15/30
 
37
36,868
6.30%, 08/15/31
 
34
33,794
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(b)
 
67
63,731
First Eagle Holdings, Inc., 7.25%, 08/15/32(b)
 
33
33,219
Focus Financial Partners LLC, 6.75%, 09/15/31(b)
 
238
239,480
FS KKR Capital Corp., 2.63%, 01/15/27
 
22
21,594
GS Finance Corp., 0.00%, 05/21/29(b)(h)(i)
 
185
190,457
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
5.25%, 05/15/27
 
170
168,020
9.75%, 01/15/29
 
42
41,191
4.38%, 02/01/29
 
31
26,477
10.00%, 11/15/29(b)
 
138
136,098
Jane Street Group/JSG Finance, Inc.(b)
 
6.13%, 11/01/32
 
24
24,005
6.75%, 05/01/33
 
184
189,219
Osaic Holdings, Inc.(b)
 
6.75%, 08/01/32
 
120
120,205
8.00%, 08/01/33
 
195
195,720
 
 
1,704,638
Chemicals — 0.9%
Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK),
9.25%, 11/01/26(b)(e)
 
110
87,634
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco
1 GmbH/German Bidco 2, 6.50%, 06/15/33(b)
EUR
195
224,448
Celanese U.S. Holdings LLC
 
7.00%, 02/15/31
USD
10
10,293
6.75%, 04/15/33
 
47
47,878
7.38%, 02/15/34
 
108
111,579
Chemours Co.(b)
 
5.75%, 11/15/28
 
288
287,767
4.63%, 11/15/29
 
141
134,582
7.88%, 03/15/34
 
75
75,366
Element Solutions, Inc., 3.88%, 09/01/28(b)
 
590
575,683
FMC Corp.
 
3.45%, 10/01/29
 
144
133,337
8.00%, 06/01/31(b)
 
212
220,647
Herens Holdco SARL, 4.75%, 05/15/28(b)
 
200
174,450
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%,
07/01/28(b)
 
17
16,990
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Ingevity Corp., 3.88%, 11/01/28(b)
USD
23
$ 22,282
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b)
 
23
23,291
Minerals Technologies, Inc., 5.00%, 07/01/28(b)
 
55
54,587
Olympus Water U.S. Holding Corp.(b)
 
6.25%, 10/01/29
 
200
197,175
7.25%, 06/15/31
 
600
607,545
7.25%, 02/15/33
 
684
676,454
Perimeter Holdings LLC, 6.25%, 01/15/34(b)
 
196
195,631
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)
 
185
181,396
Solstice Advanced Materials, Inc., 5.63%, 09/30/33(b)
 
166
164,968
WR Grace Holdings LLC(b)
 
5.63%, 08/15/29
 
1,369
1,286,711
7.38%, 03/01/31
 
128
128,532
6.63%, 08/15/32
 
190
184,277
7.00%, 08/01/33
 
112
109,061
 
 
5,932,564
Commercial Services & Supplies — 1.5%
ADT Security Corp.(b)
 
4.88%, 07/15/32
 
55
51,977
5.88%, 10/15/33
 
172
168,967
Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%,
05/21/30(b)
 
200
207,085
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)
 
1,191
1,245,052
Allied Universal Holdco LLC/Allied Universal Finance
Corp.(b)
 
6.00%, 06/01/29
 
600
597,358
6.88%, 06/15/30
 
537
551,820
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b)
 
400
393,642
APi Group DE, Inc.(b)
 
4.13%, 07/15/29
 
67
64,253
4.75%, 10/15/29
 
32
31,361
5.75%, 06/01/34
 
41
40,534
Belron U.K. Finance PLC, 5.75%, 10/15/29(b)
 
200
200,925
Brink’s Co.(b)
 
6.50%, 06/15/29
 
39
39,781
6.75%, 06/15/32
 
159
162,479
Clarivate Science Holdings Corp.(b)
 
3.88%, 07/01/28
 
26
25,004
4.88%, 07/01/29
 
291
260,418
CompoSecure Holdings LLC, 5.63%, 02/01/33(b)
 
189
184,494
Deluxe Corp., 8.13%, 09/15/29(b)
 
31
32,093
EquipmentShare.com, Inc., 07/01/34(b)(j)
 
76
74,673
FTAI Aviation Investors LLC(b)
 
5.50%, 05/01/28
 
248
247,404
7.88%, 12/01/30
 
66
68,960
7.00%, 05/01/31
 
537
556,197
7.00%, 06/15/32
 
477
492,624
5.88%, 04/15/33
 
128
127,875
Garda World Security Corp.(b)
 
7.75%, 02/15/28
 
123
125,169
6.00%, 06/01/29
 
16
15,762
8.25%, 08/01/32
 
240
245,598
8.38%, 11/15/32
 
916
937,118
Herc Holdings, Inc.(b)
 
7.00%, 06/15/30
 
120
124,268
5.75%, 03/15/31
 
55
54,931
7.25%, 06/15/33
 
208
216,852
6.00%, 03/15/34
 
57
56,621
Hertz Corp., 12.63%, 07/15/29(b)
 
36
29,300
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
RR Donnelley & Sons Co.(b)
 
9.50%, 08/01/29
USD
308
$ 319,341
(5.50% Cash or 5.50% PIK), 11.00%, 06/01/31(e)
 
47
45,459
Service Corp. International
 
3.38%, 08/15/30
 
2
1,855
4.00%, 05/15/31
 
49
46,253
5.75%, 10/15/32
 
389
390,565
Sotheby’s, 8.25%, 04/15/31(b)
 
201
199,941
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)
 
202
191,719
United Rentals North America, Inc., 5.38%, 11/15/33(b)
 
200
196,983
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)
 
177
183,077
Williams Scotsman, Inc.(b)
 
6.63%, 06/15/29
 
71
72,487
6.63%, 04/15/30
 
188
193,677
7.38%, 10/01/31
 
169
174,974
 
 
9,646,926
Communications Equipment — 0.0%
Viavi Solutions, Inc., 3.75%, 10/01/29(b)
 
31
29,570
Construction & Engineering(b) — 0.2%
AECOM, 6.00%, 08/01/33
 
204
204,291
Arcosa, Inc.
 
4.38%, 04/15/29
 
97
95,408
6.88%, 08/15/32
 
90
93,883
Brand Industrial Services, Inc., 10.38%, 08/01/30
 
586
477,531
Dycom Industries, Inc., 4.50%, 04/15/29
 
37
36,187
Global Infrastructure Solutions, Inc., 07/15/34(j)
 
76
76,392
Weekley Homes LLC/Weekley Finance Corp., 6.75%,
01/15/34
 
62
62,165
 
 
1,045,857
Consumer Finance — 0.4%
Block, Inc.
 
5.63%, 08/15/30(b)
 
108
108,270
6.50%, 05/15/32
 
192
196,016
6.00%, 08/15/33(b)
 
270
271,864
ION Platform Finance U.S., Inc., 7.88%, 09/30/32(b)
 
295
213,741
Navient Corp.
 
9.38%, 10/15/31
 
63
62,760
7.88%, 06/15/32
 
46
43,052
OneMain Finance Corp.
 
6.63%, 05/15/29
 
82
83,612
5.38%, 11/15/29
 
70
68,755
7.88%, 03/15/30
 
72
74,954
6.13%, 05/15/30
 
104
103,995
4.00%, 09/15/30
 
95
87,812
7.50%, 05/15/31
 
12
12,397
7.13%, 11/15/31
 
48
48,830
6.75%, 03/15/32
 
160
160,385
7.13%, 09/15/32
 
36
36,606
6.50%, 03/15/33
 
287
282,417
6.75%, 09/15/33
 
231
228,675
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc.(b)
 
6.75%, 08/15/32
 
380
380,727
5.50%, 05/15/33
EUR
100
111,852
SLM Corp., (1-day SOFR Index + 2.71%), 6.50%,
05/15/32(a)
USD
47
46,946
WEX, Inc., 6.50%, 03/15/33(b)
 
176
175,242
 
 
2,798,908
18
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail(b) — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC
 
5.50%, 03/31/31
USD
60
$ 58,626
5.63%, 03/31/32
 
53
51,241
6.25%, 03/15/33
 
228
225,992
5.75%, 03/31/34
 
211
200,945
Boots Group Finco LP, 5.38%, 08/31/32
EUR
115
134,652
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc.
 
9.00%, 02/15/29
USD
39
40,827
7.13%, 04/30/33
 
84
85,566
Performance Food Group, Inc.
 
4.25%, 08/01/29
 
41
39,797
6.13%, 09/15/32
 
152
153,859
5.63%, 03/01/34
 
220
215,929
U.S. Foods, Inc., 7.25%, 01/15/32
 
40
41,509
United Natural Foods, Inc., 6.75%, 10/15/28
 
50
50,006
 
 
1,298,949
Containers & Packaging — 0.6%
Ardagh Group SA
 
9.50%, 12/01/30(b)
 
173
185,234
(4.50% Cash + 7.50% PIK), 11.00%, 12/01/30(e)(g)
EUR
104
112,673
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC(b)
 
4.00%, 09/01/29
USD
485
461,025
6.25%, 01/30/31
 
200
202,238
Ball Corp.
 
4.25%, 07/01/32
EUR
100
115,794
5.50%, 09/15/33
USD
30
30,186
Clydesdale Acquisition Holdings, Inc.(b)
 
6.63%, 04/15/29
 
34
33,957
6.88%, 01/15/30
 
36
35,866
6.75%, 04/15/32
 
230
223,239
Crown Americas LLC, 5.88%, 06/01/33
 
246
247,729
Mauser Packaging Solutions Holding Co.(b)
 
7.88%, 04/15/30
 
1,281
1,309,592
9.25%, 04/15/30
 
65
63,947
Multi-Color Corp., (7.50% Cash or 1.00% PIK), 8.50%,
05/11/33(b)(e)
 
187
163,703
Silgan Holdings, Inc., 4.25%, 02/15/31(b)
EUR
100
113,469
Sword Purchaser LLC, 8.25%, 04/15/33(b)
USD
103
106,581
Trivium Packaging Finance BV, 8.25%, 07/15/30(b)
 
180
190,191
 
 
3,595,424
Distributors(b) — 0.1%
Core & Main LP, 07/01/34(j)
 
321
322,510
Dealer Tire Financial LLC, 10/01/31(j)
 
37
36,868
Gates Corp., 6.88%, 07/01/29
 
74
75,685
Resideo Funding, Inc.
 
4.00%, 09/01/29
 
18
17,259
6.50%, 07/15/32
 
129
129,645
 
 
581,967
Diversified REITs(b) — 0.2%
Digital Realty Trust LP, 1.88%, 11/15/29(h)
 
20
21,430
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32
 
95
91,279
Iron Mountain, Inc.
 
5.63%, 07/15/32
 
113
111,692
6.25%, 01/15/33
 
28
28,293
4.75%, 01/15/34
EUR
200
227,001
6.25%, 01/15/35
USD
367
368,431
Security
 
Par
(000)
Value
Diversified REITs (continued)
Millrose Properties, Inc.
 
6.38%, 08/01/30
USD
254
$ 257,442
6.25%, 09/15/32
 
208
209,810
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital
LLC, 6.00%, 01/15/30
 
23
22,467
 
 
1,337,845
Diversified Telecommunication Services — 1.9%
APLD ComputeCo 2 LLC, 6.75%, 03/15/31(b)
 
248
248,891
APLD ComputeCo 3 LLC, 7.00%, 06/15/31(b)
 
319
318,346
APLD ComputeCo LLC, 9.25%, 12/15/30(b)
 
100
107,878
Black Pearl Compute LLC, 6.13%, 02/15/31(b)
 
35
35,448
Cipher Compute LLC, 7.13%, 11/15/30(b)
 
229
238,051
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(b)
 
200
210,449
Core Scientific Finance I LLC, 7.75%, 05/15/31(b)
 
415
420,833
EchoStar Corp.
 
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(e)
 
344
350,021
10.75%, 11/30/29
 
688
743,230
Fibercop SpA(b)
 
6.00%, 09/30/34
 
200
193,142
7.20%, 07/18/36
 
200
205,090
Flash Compute LLC, 7.25%, 12/31/30(b)
 
460
472,982
Level 3 Financing, Inc.(b)
 
6.88%, 06/30/33
 
844
867,205
7.00%, 03/31/34
 
613
632,088
8.50%, 01/15/36
 
781
838,793
7.50%, 02/15/37
 
271
278,149
Meridian Arc Holdco LLC, 6.25%, 04/30/31(b)
 
1,622
1,625,633
PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(b)
 
485
484,300
Sable International Finance Ltd., 7.13%, 10/15/32(b)
 
200
198,504
SE Cosmos LLC, 8.88%, 05/01/31(b)
 
469
482,166
Stingray Compute LLC, 6.00%, 06/15/31(b)
 
125
125,247
SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(b)
 
715
704,692
Telecom Italia Capital SA, 7.72%, 06/04/38
 
141
161,910
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC(b)
 
6.50%, 02/15/29
 
31
30,755
Series Feb, 8.63%, 06/15/32
 
293
305,662
Uniti Services LLC, 7.50%, 10/15/33(b)
 
157
165,223
Windstream Services LLC/Windstream Escrow Finance
Corp., 8.25%, 10/01/31(b)
 
809
853,135
Yondr JK 1 LLC, 6.88%, 06/30/31(b)
 
104
104,261
Zayo Group Holdings, Inc.(b)(e)
 
(5.75% Cash and 0.50% PIK), 9.25%, 03/09/30
 
309
308,672
(7.13% Cash and 1.88% PIK), 13.75%, 09/09/30
 
231
227,756
 
 
11,938,512
Electric Utilities — 0.2%
Alpha Generation LLC, 6.75%, 10/15/32(b)
 
69
70,270
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b)
 
200
202,966
Pattern Energy Operations LP/Pattern Energy
Operations, Inc., 4.50%, 08/15/28(b)
 
8
7,833
Texas Competitive Electric Holdings Co. LLC, 5.03%,
11/10/21(c)(d)(f)
 
2,375
—
TransAlta Corp., 5.88%, 02/01/34
 
18
17,732
VoltaGrid LLC, 7.38%, 11/01/30(b)
 
526
546,078
XPLR Infrastructure Operating Partners LP(b)
 
8.38%, 01/15/31
 
254
270,891
8.63%, 03/15/33
 
32
34,316
7.75%, 04/15/34
 
404
425,238
 
 
1,575,324
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electronic Equipment, Instruments & Components(b) — 0.1%
Coherent Corp., 5.00%, 12/15/29
USD
45
$ 44,307
Sensata Technologies, Inc.
 
4.38%, 02/15/30
 
243
236,347
3.75%, 02/15/31
 
145
135,582
6.63%, 07/15/32
 
200
205,704
WESCO Distribution, Inc.
 
5.25%, 04/15/31
 
73
72,251
5.50%, 04/15/34
 
68
67,268
Zebra Technologies Corp., 6.50%, 06/01/32
 
29
29,353
 
 
790,812
Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.,
6.63%, 09/01/32(b)
 
333
339,622
Archrock Services LP/Archrock Partners Finance Corp.,
6.00%, 02/01/34(b)
 
112
111,327
Enerflex, Inc., 6.88%, 01/15/31(b)
 
14
14,328
Kodiak Gas Services LLC(b)
 
5.88%, 04/01/31
 
170
170,436
6.50%, 10/01/33
 
173
175,362
6.75%, 10/01/35
 
126
129,259
Oceaneering International, Inc., 6.00%, 02/01/28
 
18
18,258
Star Holding LLC, 8.75%, 08/01/31(b)
 
127
127,294
Tidewater, Inc., 9.13%, 07/15/30(b)
 
65
69,553
USA Compression Partners LP/USA Compression
Finance Corp.(b)
 
7.13%, 03/15/29
 
76
77,850
6.25%, 10/01/33
 
317
314,283
Weatherford International Ltd., 6.75%, 10/15/33(b)
 
214
218,343
 
 
1,765,915
Entertainment(b) — 0.2%
Boyne USA, Inc., 4.75%, 05/15/29
 
147
144,499
Churchill Downs, Inc.
 
4.75%, 01/15/28
 
47
46,543
5.75%, 04/01/30
 
171
170,838
6.75%, 05/01/31
 
188
191,289
Cinemark USA, Inc., 7.00%, 08/01/32
 
19
19,601
Live Nation Entertainment, Inc.
 
4.75%, 10/15/27
 
38
37,917
3.75%, 01/15/28
 
35
34,325
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30
 
152
129,910
Six Flags Entertainment Corp/Canada’s Wonderland
Co/Millennium Operations LLC, 8.63%, 01/15/32
 
42
43,246
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30
 
54
51,503
Vail Resorts, Inc.
 
5.63%, 07/15/30
 
59
58,926
6.50%, 05/15/32
 
76
77,406
 
 
1,006,003
Environmental, Maintenance & Security Service(b) — 0.4%
Clean Harbors, Inc., 6.38%, 02/01/31
 
7
7,099
GFL Environmental Holdings U.S., Inc.
 
5.63%, 07/01/31
 
58
57,992
5.50%, 02/01/34
 
200
195,618
GFL Environmental, Inc.
 
4.00%, 08/01/28
 
8
7,811
4.75%, 06/15/29
 
91
89,553
4.38%, 08/15/29
 
65
63,183
6.75%, 01/15/31
 
77
79,216
Security
 
Par
(000)
Value
Environmental, Maintenance & Security Service (continued)
Madison IAQ LLC, 5.88%, 06/30/29
USD
1,262
$ 1,262,651
Reworld Holding Corp., 4.88%, 12/01/29
 
43
41,012
Waste Pro USA, Inc., 7.00%, 02/01/33
 
695
711,187
 
 
2,515,322
Financial Services(b) — 0.6%
Azorra Finance Ltd.
 
7.75%, 04/15/30
 
202
209,759
7.25%, 01/15/31
 
16
16,439
6.25%, 02/15/34
 
18
17,454
CrossCountry Intermediate HoldCo LLC
 
6.50%, 10/01/30
 
23
22,670
6.75%, 12/01/32
 
41
39,584
Freedom Mortgage Holdings LLC
 
6.88%, 05/01/31
 
22
21,350
9.13%, 05/15/31
 
57
58,932
8.38%, 04/01/32
 
73
74,255
7.88%, 04/01/33
 
10
9,752
GGAM Finance Ltd.
 
6.88%, 04/15/29
 
19
19,414
5.88%, 03/15/30
 
137
136,486
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27
 
141
143,265
Midcap Financial Issuer Trust, 5.63%, 01/15/30
 
200
192,782
PennyMac Financial Services, Inc.
 
7.88%, 12/15/29
 
52
54,076
7.13%, 11/15/30
 
172
174,302
6.88%, 05/15/32
 
197
192,791
6.75%, 02/15/34
 
17
16,319
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30
 
341
352,256
Rocket Cos., Inc.
 
6.50%, 08/01/29
 
101
103,090
6.13%, 08/01/30
 
404
410,938
6.13%, 08/01/31
 
200
204,264
7.13%, 02/01/32
 
144
149,462
6.38%, 08/01/33
 
280
284,750
6.50%, 06/15/34
 
114
116,928
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
4.00%, 10/15/33
 
9
8,100
United Wholesale Mortgage LLC, 5.50%, 04/15/29
 
23
21,366
UWM Holdings LLC
 
6.63%, 02/01/30
 
208
193,811
6.25%, 03/15/31
 
311
277,170
WS Escrow LLC, 7.75%, 06/01/33
 
30
30,805
 
 
3,552,570
Food Products(b) — 0.3%
Aramark Services, Inc., 5.00%, 02/01/28
 
41
40,918
B&G Foods, Inc., 8.00%, 09/15/28
 
22
22,020
Chobani LLC/Chobani Finance Corp., Inc.
 
4.63%, 11/15/28
 
258
255,495
7.63%, 07/01/29
 
241
248,513
6.38%, 04/15/34
 
652
661,712
Darling Global Finance BV, 4.50%, 07/15/32
EUR
100
115,223
Darling Ingredients, Inc., 6.00%, 06/15/30
USD
151
151,990
Lamb Weston Holdings, Inc., 4.13%, 01/31/30
 
248
237,813
Post Holdings, Inc.
 
4.63%, 04/15/30
 
36
34,778
4.50%, 09/15/31
 
28
26,267
6.38%, 03/01/33
 
75
74,428
20
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Post Holdings, Inc. (continued)
 
6.25%, 10/15/34
USD
132
$ 129,697
6.50%, 03/15/36
 
189
186,854
 
 
2,185,708
Ground Transportation(b) — 0.0%
Genesee & Wyoming, Inc., 6.25%, 04/15/32
 
86
87,232
PODS LLC, 8.75%, 05/15/31
 
83
81,097
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32
 
26
26,697
 
 
195,026
Health Care Equipment & Supplies(b) — 0.2%
Bausch & Lomb Corp., 8.38%, 10/01/28
 
533
547,658
Insulet Corp., 6.50%, 04/01/33
 
126
127,772
Medline Borrower LP, 5.25%, 10/01/29
 
262
260,399
Neogen Food Safety Corp., 8.63%, 07/20/30
 
60
63,110
 
 
998,939
Health Care Providers & Services — 0.8%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b)
 
100
102,942
AHP Health Partners, Inc., 5.75%, 07/15/29(b)
 
256
252,804
Centene Corp., 2.45%, 07/15/28
 
36
34,210
CHS/Community Health Systems, Inc.(b)
 
5.25%, 05/15/30
 
263
248,175
4.75%, 02/15/31
 
117
107,636
10.88%, 01/15/32
 
85
91,540
9.75%, 01/15/34
 
699
729,813
Concentra Health Services, Inc., 6.88%, 07/15/32(b)
 
86
89,022
DaVita, Inc.(b)
 
6.88%, 09/01/32
 
8
8,251
6.75%, 07/15/33
 
12
12,382
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
 
50
50,687
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b)
 
38
34,021
HealthEquity, Inc., 4.50%, 10/01/29(b)
 
496
481,890
IQVIA, Inc., 6.25%, 06/01/32(b)
 
157
159,618
LifePoint Health, Inc.(b)
 
10.00%, 06/01/32
 
218
217,632
7.00%, 05/01/34
 
316
302,874
Molina Healthcare, Inc.(b)
 
3.88%, 11/15/30
 
60
55,953
6.50%, 02/15/31
 
177
180,061
6.25%, 01/15/33
 
76
76,127
Option Care Health, Inc., 4.38%, 10/31/29(b)
 
79
75,903
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b)
 
28
29,251
Sotera Health Holdings LLC, 7.38%, 06/01/31(b)
 
175
181,451
Star Parent, Inc., 9.00%, 10/01/30(b)
 
296
309,780
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)
 
667
675,231
Tenet Healthcare Corp.
 
6.75%, 05/15/31
 
380
389,274
5.50%, 11/15/32(b)
 
38
37,785
6.00%, 11/15/33(b)
 
101
101,883
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)
 
231
217,795
 
 
5,253,991
Health Care REITs(b) — 0.1%
Diversified Healthcare Trust, 7.25%, 10/15/30
 
43
44,258
MPT Operating Partnership LP/MPT Finance Corp.,
8.50%, 02/15/32
 
438
448,420
 
 
492,678
Hotel & Resort REITs — 0.3%
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b)
 
173
177,113
Security
 
Par
(000)
Value
Hotel & Resort REITs (continued)
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%,
10/15/29(b)
USD
29
$ 29,494
RHP Hotel Properties LP/RHP Finance Corp.(b)
 
4.50%, 02/15/29
 
39
38,238
6.50%, 04/01/32
 
258
264,003
6.50%, 06/15/33
 
204
209,294
5.75%, 03/15/34
 
170
168,423
RLJ Lodging Trust LP, 4.00%, 09/15/29(b)
 
74
70,485
Service Properties Trust
 
0.00%, 09/30/28(b)(i)
 
83
76,959
8.63%, 11/15/31(b)
 
645
679,475
8.88%, 06/15/32
 
101
103,986
XHR LP, 6.63%, 05/15/30(b)
 
28
28,646
 
 
1,846,116
Hotels, Restaurants & Leisure — 0.7%
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc.(b)
 
5.63%, 09/15/29
 
29
29,151
4.00%, 10/15/30
 
175
165,209
Caesars Entertainment, Inc.(b)
 
4.63%, 10/15/29
 
99
95,162
7.00%, 02/15/30
 
342
343,969
6.50%, 02/15/32
 
218
212,653
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.(b)
 
4.63%, 01/15/29
 
279
271,298
6.75%, 01/15/30
 
586
574,691
Great Canadian Gaming Corp./Raptor LLC, 8.75%,
11/15/29(b)
 
58
58,028
Hilton Domestic Operating Co., Inc.(b)
 
5.50%, 09/15/31
 
207
207,529
5.88%, 03/15/33
 
178
179,628
5.50%, 03/31/34
 
90
89,228
Light & Wonder International, Inc.(b)
 
7.50%, 09/01/31
 
41
42,495
6.25%, 10/01/33
 
13
12,930
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)
 
78
65,407
Melco Resorts Finance Ltd.(b)
 
5.38%, 12/04/29
 
200
194,779
7.63%, 04/17/32
 
200
205,006
MGM Resorts International, 6.13%, 09/15/29
 
72
72,706
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(b)
 
40
38,938
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 8.25%, 04/15/30(b)
 
70
72,912
Pioneer Opco LLC, 7.00%, 05/15/33(b)
 
75
76,320
Premier Entertainment Sub LLC/Premier Entertainment
Finance Corp.(b)
 
5.63%, 09/01/29
 
34
23,649
5.88%, 09/01/31
 
49
31,850
Rivers Enterprise Borrower LLC, 6.25%, 10/15/30(b)
 
45
45,562
Rivers Enterprise Borrower LLC/Rivers Enterprise
Finance Corp., 6.63%, 02/01/33(b)
 
43
43,643
Station Casinos LLC(b)
 
4.50%, 02/15/28
 
69
68,209
4.63%, 12/01/31
 
52
49,375
6.63%, 03/15/32
 
33
33,514
Voyager Parent LLC, 9.25%, 07/01/32(b)
 
87
92,008
Wyndham Hotels & Resorts, Inc.(b)
 
4.38%, 08/15/28
 
44
43,341
5.63%, 03/01/33
 
39
38,491
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Wynn Macau Ltd.(b)
 
5.63%, 08/26/28
USD
400
$ 396,680
5.13%, 12/15/29
 
200
195,209
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp.(b)
 
5.13%, 10/01/29
 
144
143,033
7.13%, 02/15/31
 
378
399,476
6.25%, 03/15/33
 
45
45,169
 
 
4,657,248
Household Durables — 0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
 
4.63%, 08/01/29
 
32
30,814
4.63%, 04/01/30
 
46
43,642
6.88%, 08/01/33
 
92
91,187
Beazer Homes USA, Inc., 8.00%, 01/15/32(b)
 
41
41,110
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC(b)
 
5.00%, 06/15/29
 
228
217,108
4.88%, 02/15/30
 
56
52,113
Century Communities, Inc., 6.63%, 09/15/33(b)
 
83
83,810
Dream Finders Homes, Inc., 8.25%, 08/15/28(b)
 
26
26,586
Empire Communities Corp., 9.75%, 05/01/29(b)
 
13
13,439
Installed Building Products, Inc., 5.63%, 02/01/34(b)
 
49
48,637
K Hovnanian Enterprises, Inc.(b)
 
8.00%, 04/01/31
 
158
163,003
8.38%, 10/01/33
 
103
105,830
LGI Homes, Inc.(b)
 
8.75%, 12/15/28
 
33
34,101
7.00%, 11/15/32
 
62
61,613
Mattamy Group Corp.(b)
 
4.63%, 03/01/30
 
72
69,098
6.00%, 12/15/33
 
70
67,193
Meritage Homes Corp., 1.75%, 05/15/28(h)
 
98
100,989
Newell Brands, Inc.
 
8.50%, 06/01/28(b)
 
66
68,955
6.63%, 09/15/29
 
23
23,384
6.38%, 05/15/30
 
37
37,503
6.63%, 05/15/32
 
79
80,000
Risewell Homes, Inc.(b)
 
9.25%, 10/01/29
 
56
57,922
8.50%, 11/01/30
 
22
22,461
Scotts Miracle-Gro Co.
 
4.50%, 10/15/29
 
5
4,895
4.38%, 02/01/32
 
97
90,921
Somnigroup International, Inc.(b)
 
4.00%, 04/15/29
 
89
85,797
3.88%, 10/15/31
 
23
21,140
STL Holding Co. LLC, 8.75%, 02/15/29(b)
 
31
32,189
SWF Holdings I Corp., 6.50%, 10/06/29(b)
 
285
37,057
Taylor Morrison Communities, Inc., 5.75%, 11/15/32(b)
 
39
40,137
Whirlpool Corp.(b)
 
7.50%, 07/01/31
 
134
135,601
7.88%, 07/01/34
 
154
154,632
 
 
2,142,867
Independent Power and Renewable Electricity Producers(b) — 0.7%
Clearway Energy Operating LLC
 
4.75%, 03/15/28
 
8
7,926
3.75%, 01/15/32
 
168
152,890
NRG Energy, Inc.
 
5.75%, 07/15/29
 
131
131,030
Security
 
Par
(000)
Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc. (continued)
 
6.00%, 02/01/33
USD
186
$ 186,993
5.75%, 01/15/34
 
188
186,532
5.88%, 05/15/34
 
86
85,548
6.25%, 11/01/34
 
271
274,394
6.00%, 01/15/36
 
615
613,078
6.13%, 05/15/36
 
286
286,132
Talen Energy Supply LLC(k)
 
(Acquired 04/30/26, Cost $ 924,246), 6.13%,
05/01/31
 
924
924,018
(Acquired 04/30/26, Cost $ 1,342,000), 6.38%,
05/01/33
 
1,342
1,340,306
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(l)
 
44
44,339
 
 
4,233,186
Industrial Conglomerates — 0.0%
Amsted Industries, Inc., 6.38%, 03/15/33(b)
 
125
126,393
Avient Corp., 6.25%, 11/01/31(b)
 
37
37,493
Enpro, Inc., 6.13%, 06/01/33(b)
 
49
49,642
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(c)(d)(f)
 
5,125
—
 
 
213,528
Insurance(b) — 1.4%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer
 
4.25%, 10/15/27
 
275
271,686
6.75%, 04/15/28
 
37
37,296
5.88%, 11/01/29
 
373
364,553
7.00%, 01/15/31
 
415
421,747
6.50%, 10/01/31
 
18
17,951
7.38%, 10/01/32
 
519
515,137
AmWINS Group, Inc.
 
6.38%, 02/15/29
 
24
24,117
4.88%, 06/30/29
 
68
65,524
Amynta Agency Borrower, Inc. and Amynta Warranty
Borrower, Inc., 7.50%, 07/15/33
 
198
189,511
APH Somerset Investor 2 LLC/APH2 Somerset Investor
2 LLC/APH3 Somerset Investor 2 LLC, 7.88%,
11/01/29
 
63
63,794
Ardonagh Finco Ltd., 7.75%, 02/15/31
 
600
606,760
Ardonagh Group Finance Ltd., 8.88%, 02/15/32
 
800
777,155
Asurion LLC/Asurion Co-Issuer, Inc.
 
8.00%, 12/31/32
 
394
396,977
8.38%, 02/01/34
 
309
286,035
CRC Insurance Group LLC, 7.13%, 06/01/31
 
861
858,254
Howden U.K. Refinance PLC/Howden U.K. Refinance
2 PLC/Howden U.S. Refinance LLC
 
7.25%, 02/15/31
 
400
387,451
8.13%, 02/15/32
 
245
219,613
HUB International Ltd.
 
7.25%, 06/15/30
 
876
898,984
7.38%, 01/31/32
 
1,438
1,463,711
Jones Deslauriers Insurance Management, Inc.
 
8.50%, 03/15/30
 
136
138,715
6.88%, 10/01/33
 
179
166,007
Ryan Specialty LLC, 5.88%, 08/01/32
 
226
222,352
USI, Inc., 7.50%, 01/15/32
 
214
216,017
 
 
8,609,347
Interactive Media & Services(b) — 1.2%
Beignet Investor LLC, 6.58%, 05/30/49
 
6,570
6,685,763
22
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Interactive Media & Services (continued)
ION Platform Finance U.S., Inc./ION Platform Finance
SARL, 5.00%, 05/01/28
USD
189
$ 173,643
Snap, Inc.
 
6.88%, 03/01/33
 
191
186,174
6.88%, 03/15/34
 
232
224,606
 
 
7,270,186
Internet Software & Services(b) — 0.1%
Getty Images, Inc., 10.50%, 11/15/30
 
38
31,681
Match Group Holdings II LLC
 
4.13%, 08/01/30
 
137
128,938
3.63%, 10/01/31
 
51
45,887
6.13%, 09/15/33
 
141
139,334
Uber Technologies, Inc., 4.50%, 08/15/29
 
330
327,589
Wayfair LLC, 7.13%, 05/31/34
 
47
48,324
 
 
721,753
IT Services — 0.3%
Amentum Holdings, Inc., 7.25%, 08/01/32(b)
 
21
21,629
CACI International, Inc., 6.38%, 06/15/33(b)
 
173
175,460
CDK Steerco Coop(d)
 
7.25%, 06/15/29
 
170
108,800
8.00%, 06/15/29
 
197
126,080
CoreWeave, Inc.(b)
 
9.25%, 06/01/30
 
169
170,098
9.00%, 02/01/31
 
14
13,835
9.75%, 10/01/31
 
347
346,235
Fair Isaac Corp., 6.00%, 05/15/33(b)
 
265
260,953
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b)
 
311
316,172
KBR, Inc., 4.75%, 09/30/28(b)
 
75
74,039
McAfee Corp., 7.38%, 02/15/30(b)
 
99
84,124
Science Applications International Corp., 5.88%,
11/01/33(b)
 
193
190,083
 
 
1,887,508
Leisure Products(b) — 0.4%
A&K Travel Group Holdings Ltd., 7.50%, 05/15/33
 
200
201,902
Acushnet Co., 5.63%, 12/01/33
 
39
38,794
Carnival Corp. Ltd.
 
5.88%, 06/15/31
 
66
67,189
5.75%, 08/01/32
 
58
58,566
6.13%, 02/15/33
 
408
412,955
Carnival U.K. Ltd., 4.13%, 07/15/31
EUR
125
143,648
Gaia Purchaser, Inc., 07/15/33(j)
USD
208
210,385
Lindblad Expeditions LLC, 7.00%, 09/15/30
 
160
165,431
NCL Corp. Ltd.
 
5.88%, 01/15/31
 
14
13,588
6.75%, 02/01/32
 
13
12,971
6.25%, 09/15/33
 
236
229,195
Sabre Financial Borrower LLC, 11.13%, 06/15/29
 
291
307,137
Viking Cruises Ltd.
 
9.13%, 07/15/31
 
177
185,458
5.88%, 10/15/33
 
209
209,326
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29
 
27
26,998
 
 
2,283,543
Machinery — 0.3%
ATS Corp., 4.13%, 12/15/28(b)
 
35
34,131
Chart Industries, Inc., 7.50%, 01/01/30(b)
 
182
187,903
Columbus McKinnon Corp., 7.13%, 02/01/33(b)
 
76
76,162
Esab Corp.(b)
 
6.25%, 04/15/29
 
66
66,965
5.63%, 04/01/31
 
138
138,150
Security
 
Par
(000)
Value
Machinery (continued)
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b)
USD
35
$ 25,725
Lsf12 Helix Parent LLC, 7.13%, 02/01/33(b)
 
143
138,455
Manitowoc Co., Inc., 9.25%, 10/01/31(b)
 
32
34,398
Solaris Energy Infrastructure LLC, 6.38%, 05/15/31(b)
 
29
29,323
Terex Corp., 6.25%, 10/15/32(b)
 
133
134,696
TK Elevator Midco GmbH, 4.38%, 07/15/27(g)
EUR
38
43,335
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)
USD
200
200,030
Vertiv Group Corp., 4.13%, 11/15/28(b)
 
781
773,290
 
 
1,882,563
Media — 1.0%
Adelphia Communications Corp., 10.50%,
12/31/49(c)(d)(f)
 
400
—
Block Communications, Inc., 10.25%, 03/01/31(b)
 
30
27,438
Cable One, Inc., 1.13%, 03/15/28(h)
 
111
72,150
CCO Holdings LLC/CCO Holdings Capital Corp.
 
5.38%, 06/01/29(b)
 
376
367,828
6.38%, 09/01/29(b)
 
14
13,986
4.75%, 03/01/30(b)
 
290
274,964
4.25%, 02/01/31(b)
 
250
225,146
4.75%, 02/01/32(b)
 
139
123,984
4.50%, 05/01/32
 
9
7,944
7.00%, 02/01/33(b)
 
119
116,702
4.50%, 06/01/33(b)
 
2
1,735
4.25%, 01/15/34(b)
 
137
115,975
7.38%, 02/01/36(b)
 
359
352,066
CSC Holdings LLC(b)
 
5.50%, 04/15/27
 
200
134,002
5.38%, 02/01/28
 
200
125,370
11.25%, 05/15/28
 
400
257,979
Directv Financing LLC, 8.88%, 02/01/30(b)
 
154
156,732
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(b)
 
5.88%, 08/15/27
 
15
14,978
10.00%, 02/15/31
 
300
311,311
9.25%, 06/01/32
 
311
315,990
Discovery Communications LLC
 
3.95%, 03/20/28
 
104
102,310
4.13%, 05/15/29
 
33
32,670
Discovery Global Holdings, Inc.
 
4.05%, 03/15/29
 
141
139,600
4.28%, 03/15/32
 
352
315,867
5.05%, 03/15/42
 
304
222,701
DISH DBS Corp.(b)
 
5.25%, 12/01/26
 
254
251,299
5.75%, 12/01/28
 
215
208,281
DISH Network Corp., 11.75%, 11/15/27(b)
 
593
609,338
Gray Media, Inc.(b)
 
9.63%, 07/15/32
 
190
183,379
7.25%, 08/15/33
 
254
250,102
LCPR Senior Secured Financing DAC, 6.75%,
10/15/27(b)
 
180
102,578
Midcontinent Communications, 8.00%, 08/15/32(b)
 
77
67,504
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)
 
169
173,591
Sirius XM Radio LLC(b)
 
5.00%, 08/01/27
 
20
19,973
4.00%, 07/15/28
 
62
60,375
Univision Communications, Inc.(b)
 
8.50%, 07/31/31
 
306
307,324
9.38%, 08/01/32
 
50
50,802
Schedule of Investments
23
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
Univision Communications, Inc.(b) (continued)
 
8.88%, 04/15/33
USD
195
$ 191,963
Versant Media Group, Inc., 7.25%, 01/30/31(b)
 
43
44,486
 
 
6,350,423
Metals & Mining — 0.8%
Arsenal AIC Parent LLC(b)
 
8.00%, 10/01/30
 
46
47,941
11.50%, 10/01/31
 
561
601,206
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(b)
 
296
296,377
Carpenter Technology Corp., 5.63%, 03/01/34(b)
 
104
103,921
Cleveland-Cliffs, Inc., 6.88%, 11/01/29(b)
 
165
166,449
Coeur Mining, Inc., 6.88%, 04/01/32(b)
 
221
226,525
Commercial Metals Co.(b)
 
5.75%, 11/15/33
 
120
119,291
6.00%, 12/15/35
 
63
62,837
Constellium SE(b)
 
3.75%, 04/15/29
 
500
480,827
6.38%, 08/15/32
 
250
254,778
ERO Copper Corp., 6.50%, 02/15/30(b)
 
252
251,725
First Quantum Minerals Ltd., 6.38%, 02/15/36(b)
 
200
196,088
Hybar LLC, 7.38%, 07/01/34(b)
 
147
147,713
Kaiser Aluminum Corp.(b)
 
4.50%, 06/01/31
 
468
448,020
5.88%, 03/01/34
 
346
342,404
Mineral Resources Ltd.(b)
 
6.00%, 05/01/32
 
47
46,494
6.25%, 05/01/34
 
47
46,215
Novelis Corp.(b)
 
4.75%, 01/30/30
 
195
188,156
6.88%, 01/30/30
 
123
126,097
3.88%, 08/15/31
 
81
73,779
6.38%, 08/15/33
 
362
364,608
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(g)
EUR
100
112,420
Skeena Resources Ltd., 8.50%, 04/01/31(b)
USD
16
16,807
Vallourec SACA, 7.50%, 04/15/32(b)
 
200
209,030
 
 
4,929,708
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27
 
124
122,652
Starwood Property Trust, Inc.
 
7.25%, 04/01/29
 
8
8,260
08/15/29(j)
 
61
61,182
6.00%, 04/15/30
 
21
21,076
6.50%, 07/01/30
 
3
3,064
6.50%, 10/15/30
 
164
167,786
6.13%, 06/01/31
 
57
57,301
 
 
441,321
Multi-Utilities(b) — 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp.
 
9.50%, 06/01/30
 
38
40,775
6.88%, 06/01/31
 
77
77,960
 
 
118,735
Oil, Gas & Consumable Fuels — 1.6%
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(b)
 
93
96,721
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.38%, 06/15/29(b)
 
66
65,792
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(b)
 
9.00%, 11/01/27
 
38
42,180
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(b) (continued)
 
5.88%, 06/30/29
USD
89
$ 88,738
6.63%, 07/15/33
 
34
34,386
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b)
 
7.00%, 07/15/29
 
119
121,982
7.25%, 07/15/32
 
45
46,555
Buckeye Partners LP(b)
 
6.88%, 07/01/29
 
4
4,083
6.75%, 02/01/30
 
23
23,755
California Resources Corp.(b)
 
7.00%, 01/15/34
 
57
56,369
7.25%, 01/15/35
 
84
83,327
Caturus Energy LLC(b)
 
8.50%, 02/15/30
 
323
336,572
7.13%, 05/15/31
 
247
244,377
Chord Energy Corp., 6.75%, 03/15/33(b)
 
30
30,444
CITGO Petroleum Corp., 8.38%, 01/15/29(b)
 
130
133,745
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
 
32
30,503
CNX Resources Corp.(b)
 
7.25%, 03/01/32
 
29
29,877
5.88%, 03/01/34
 
94
91,475
Comstock Resources, Inc.(b)
 
6.75%, 03/01/29
 
378
372,029
5.88%, 01/15/30
 
2
1,886
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(b)
 
250
245,389
Crescent Energy Finance LLC(b)
 
7.75%, 07/31/29
 
27
27,067
9.75%, 10/15/30
 
28
29,680
7.63%, 04/01/32
 
115
115,927
7.88%, 04/15/32
 
50
50,627
7.38%, 01/15/33
 
82
81,507
8.38%, 01/15/34
 
43
44,290
CVR Energy, Inc.(b)
 
7.50%, 02/15/31
 
47
46,776
7.88%, 02/15/34
 
30
29,680
DBR Land Holdings LLC, 6.25%, 12/01/30(b)
 
64
65,000
Delek Logistics Partners LP/Delek Logistics Finance
Corp.(b)
 
7.38%, 06/30/33
 
92
93,726
6.88%, 06/01/34
 
46
45,783
Energy Transfer LP, Series H, (5-year CMT + 5.69%),
6.50%(a)(l)
 
129
129,067
Genesis Energy LP/Genesis Energy Finance Corp.
 
8.00%, 05/15/33
 
18
18,723
6.75%, 03/15/34(b)
 
199
197,464
Global Partners LP/GLP Finance Corp., 7.13%,
07/01/33(b)
 
39
39,462
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b)
 
45
45,896
Harvest Midstream I LP(b)
 
7.50%, 05/15/32
 
25
25,894
6.75%, 05/15/34
 
232
235,307
Hess Midstream Operations LP(b)
 
6.50%, 06/01/29
 
48
48,981
4.25%, 02/15/30
 
34
32,797
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
 
6.25%, 11/01/28
 
3
3,008
5.75%, 02/01/29
 
54
53,790
6.00%, 04/15/30
 
5
4,912
6.25%, 04/15/32
 
5
4,840
8.38%, 11/01/33
 
135
140,571
24
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Hilcorp Energy I LP/Hilcorp Finance Co.(b) (continued)
 
6.88%, 05/15/34
USD
34
$ 33,081
7.25%, 02/15/35
 
19
18,708
Howard Midstream Energy Partners LLC(b)
 
7.38%, 07/15/32
 
27
27,964
6.63%, 01/15/34
 
168
169,436
Infinity Natural Resources LLC, 7.63%, 04/01/31(b)
 
76
75,485
ITT Holdings LLC, 6.50%, 08/01/29(b)
 
220
217,422
Kinetik Holdings LP, 5.88%, 06/15/30(b)
 
6
6,035
Kraken Oil & Gas Partners LLC, 7.13%, 05/15/31(b)
 
30
29,333
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas
Finance Corp., 6.88%, 12/01/32(b)
 
82
83,489
Matador Resources Co.(b)
 
6.50%, 04/15/32
 
146
146,797
6.00%, 04/15/34
 
95
92,616
Nabors Industries, Inc., 7.63%, 11/15/32(b)
 
62
63,431
NGL Energy Operating LLC/NGL Energy Finance
Corp.(b)
 
8.13%, 02/15/29
 
70
72,455
8.38%, 02/15/32
 
163
169,686
Noble Finance II LLC(b)
 
8.00%, 04/15/30
 
13
13,470
6.25%, 06/15/34
 
64
62,724
Northern Oil & Gas, Inc., 7.88%, 10/15/33(b)
 
107
106,320
Northriver Midstream Finance LP, 6.75%, 07/15/32(b)
 
42
42,533
Par Petroleum LLC, 7.38%, 06/01/34(b)
 
106
107,260
PBF Holding Co. LLC/PBF Finance Corp.(b)
 
7.88%, 09/15/30
 
34
34,647
7.25%, 06/01/34
 
32
31,680
Permian Resources Operating LLC(b)
 
7.00%, 01/15/32
 
57
58,955
6.25%, 02/01/33
 
301
307,389
Prairie Acquiror LP, 9.00%, 08/01/29(b)
 
50
51,936
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)
 
14
13,817
SM Energy Co.(b)
 
8.75%, 07/01/31
 
48
50,138
6.63%, 04/15/34
 
245
241,159
Sunoco LP(b)
 
5.63%, 03/15/31
 
40
39,708
6.63%, 08/15/32
 
45
45,768
6.25%, 07/01/33
 
48
48,430
5.88%, 03/15/34
 
69
68,054
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(b)
 
5.50%, 01/15/28
 
35
34,926
7.38%, 02/15/29
 
149
152,839
6.00%, 09/01/31
 
32
31,659
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b)
 
135
132,851
TransMontaigne Partners LLC, 8.50%, 06/15/30(b)
 
15
15,283
Transocean International Ltd.(b)
 
8.25%, 05/15/29
 
15
15,489
8.75%, 02/15/30
 
33
34,187
8.50%, 05/15/31
 
91
94,476
7.88%, 10/15/32
 
140
146,152
Valaris Ltd., 8.38%, 04/30/30(b)
 
59
61,270
Venture Global LNG, Inc.(b)
 
9.50%, 02/01/29
 
323
347,661
6.38%, 12/15/34
 
508
499,243
6.63%, 06/15/36
 
400
394,271
Venture Global Plaquemines LNG LLC(b)
 
6.13%, 12/15/30
 
228
233,280
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Venture Global Plaquemines LNG LLC(b) (continued)
 
7.50%, 05/01/33
USD
62
$ 68,046
6.50%, 01/15/34
 
271
282,377
7.75%, 05/01/35
 
141
158,128
6.75%, 01/15/36
 
470
498,339
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b)
 
191
195,883
 
 
9,717,246
Passenger Airlines — 0.1%
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(b)
 
157
142,197
OneSky Flight LLC, 8.88%, 12/15/29(b)
 
59
62,391
United Airlines Holdings, Inc., 5.38%, 03/01/31
 
112
111,195
WestJet Airlines Ltd., 8.00%, 02/14/31(b)
 
82
82,311
 
 
398,094
Personal Care Products — 0.1%
Opal Bidco SAS, 6.50%, 03/31/32(b)
 
200
204,040
Perrigo Finance Unlimited Co., 6.13%, 09/30/32
 
190
181,470
 
 
385,510
Pharmaceuticals — 0.6%
1261229 B.C. Ltd., 10.00%, 04/15/32(b)
 
3,165
3,205,626
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(b)
 
56
58,128
Bausch Health Cos., Inc.(b)
 
4.88%, 06/01/28
 
48
44,383
11.00%, 09/30/28
 
277
282,075
Teva Pharmaceutical Finance Netherlands III BV, 3.15%,
10/01/26
 
130
129,480
 
 
3,719,692
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp., Series AI, 7.00%, 04/15/30
 
80
80,628
Anywhere Real Estate Group LLC/Realogy Co-Issuer
Corp., 9.75%, 04/15/30(b)
 
42
45,153
CoreLogic, Inc., 4.50%, 05/01/28(b)
 
580
566,554
Five Point Operating Co. LP, 8.00%, 10/01/30(b)
 
27
27,640
Howard Hughes Corp.(b)
 
4.38%, 02/01/31
 
35
33,100
5.88%, 03/01/32
 
53
52,547
6.13%, 03/01/34
 
53
52,366
 
 
857,988
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)
 
97
95,900
Semiconductors & Semiconductor Equipment — 0.0%
Amkor Technology, Inc., 5.88%, 10/01/33(b)
 
25
25,087
Microchip Technology, Inc., 0.00%, 02/15/30(b)(h)(i)
 
55
63,306
ON Semiconductor Corp.(h)
 
0.50%, 03/01/29
 
61
73,505
0.00%, 05/01/31(b)(i)
 
24
23,856
 
 
185,754
Software(b) — 0.6%
AthenaHealth Group, Inc., 6.50%, 02/15/30
 
823
789,112
Capstone Borrower, Inc., 8.00%, 06/15/30
 
112
106,404
Cloud Software Group, Inc.
 
6.50%, 03/31/29
 
483
468,646
9.00%, 09/30/29
 
1,270
1,232,703
Ellucian Holdings, Inc., 6.50%, 12/01/29
 
183
176,897
OAK-Eagle Acquireco, Inc.
 
7.25%, 07/01/33
 
498
520,963
Schedule of Investments
25
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
OAK-Eagle Acquireco, Inc. (continued)
 
8.75%, 07/01/34
USD
408
$ 433,019
Playtika Holding Corp., 4.25%, 03/15/29
 
21
18,795
UKG, Inc., 6.88%, 02/01/31
 
221
214,697
 
 
3,961,236
Specialty Retail(b) — 0.1%
Advance Auto Parts, Inc., 7.00%, 08/01/30
 
53
54,343
Ferrellgas LP/Ferrellgas Finance Corp., 9.25%, 01/15/31
 
63
66,395
Michaels Cos., Inc., 8.50%, 03/15/33
 
177
175,317
Staples, Inc., 10.75%, 09/01/29
 
45
42,928
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31
 
29
27,492
 
 
366,475
Technology Hardware, Storage & Peripherals(b) — 0.1%
Seagate Data Storage Technology Pte. Ltd.
 
8.25%, 12/15/29
 
54
56,466
5.88%, 07/15/30
 
172
175,055
8.50%, 07/15/31
 
76
79,418
5.75%, 12/01/34
 
29
29,420
 
 
340,359
Textiles, Apparel & Luxury Goods(b) — 0.1%
Beach Acquisition Bidco LLC
 
5.25%, 07/15/32
EUR
200
232,655
(10.00% Cash or 10.75% PIK), 10.00%, 07/15/33(e)
USD
252
286,063
Crocs, Inc.
 
4.25%, 03/15/29
 
57
55,304
4.13%, 08/15/31
 
13
12,147
 
 
586,169
Transportation Infrastructure(b) — 0.0%
GB AIT Buyer, Inc., 8.75%, 04/30/34
 
55
55,146
RXO, Inc., 6.38%, 05/15/31
 
29
29,403
 
 
84,549
Wireless Telecommunication Services — 0.4%
Altice France SA(b)
 
6.88%, 10/15/30
 
20
19,825
6.50%, 10/15/31
 
29
28,289
6.50%, 04/15/32
 
574
554,769
6.88%, 07/15/32
 
279
270,339
Digicel International Finance Ltd. U.S. LLC, 8.63%,
08/01/32(b)
 
435
448,322
Iliad Holding SAS(b)
 
7.00%, 10/15/28
 
200
200,858
8.50%, 04/15/31
 
250
264,859
T-Mobile USA, Inc.
 
3.38%, 04/15/29
 
67
64,773
3.50%, 04/15/31
 
26
24,535
Vmed O2 U.K. Financing I PLC(b)
 
4.25%, 01/31/31
 
200
164,471
4.75%, 07/15/31
 
200
164,331
 
 
2,205,371
Total Corporate Bonds — 23.5%
(Cost: $155,784,037)
146,463,459
Security
 
Par
(000)
Value
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 Term Loan, 11.00%,
12/15/31(d)
USD
70
$ —
IT Services — 0.1%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
 
962
911,569
Software — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
 
1,037
967,203
Total Fixed Rate Loan Interests — 0.3%
(Cost: $2,069,507)
1,878,772
Floating Rate Loan Interests(a)
Advertising Agencies — 0.1%
Outfront Media Capital LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
09/24/32
 
738
736,708
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
8.99%, 02/15/29
 
246
209,565
 
 
946,273
Aerospace & Defense — 3.0%
Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (6-
mo. CME Term SOFR at 0.75% Floor + 2.75%),
6.60%, 06/23/30
 
848
850,244
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/31/30
 
1,426
1,424,573
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-
mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.79%, 08/03/29
 
828
829,926
Cubic Corp.
 
2025 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.76%), 8.68%, 05/25/29
 
3,127
213,669
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 3.51%), 7.18%, 05/25/29
 
451
30,813
Dynasty Acquisition Co., Inc.
 
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.64%, 10/31/31
 
2,285
2,289,365
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.64%, 10/31/31
 
868
869,767
Kaman Corp., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 5.67%, 02/26/32
 
395
394,068
Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at
0.75% Floor + 3.75%), 7.51%, 02/01/28
 
1,620
1,457,558
Propulsion BC Finco SARL, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.23%, 12/01/32
 
644
645,357
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
11/05/28
 
411
412,056
TransDigm, Inc.
 
2023 Term Loan J, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 02/28/31
 
4,081
4,081,929
2024 Term Loan L, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 01/19/32
 
830
830,397
2025 Term Loan K, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 03/22/30
 
97
97,260
26
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
TransDigm, Inc. (continued)
 
2025 Term Loan M, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 08/19/32
USD
2,983
$ 2,982,820
2026 Term Loan N, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 02/13/33
 
1,107
1,106,823
 
 
18,516,625
Automobile Components — 1.8%
Allison Transmission, Inc., 2025 Incremental Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.38%, 01/02/33
 
1,027
1,024,508
Clarios Global LP
 
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.14%, 05/06/30
 
3,045
3,045,115
2026 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.14%, 01/28/32
 
1,453
1,452,700
Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
07/02/31
 
1,718
1,700,684
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.41%,
01/30/32
 
86
85,873
Gates Corp.
 
2022 Term Loan B4, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 11/16/29
 
302
301,725
2024 Term Loan B5, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 06/04/31
 
1,742
1,738,803
RealTruck Group, Inc.
 
2026 FLSO Tranche A Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.75%), 8.65%, 01/31/31
 
192
118,295
2026 FLSO Tranche B Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 6.00%), 9.90%,
01/31/31
 
494
306,471
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 5.10%), 8.74%, 11/17/28
 
1,361
1,354,195
 
 
11,128,369
Beverages — 0.4%
Naked Juice LLC
 
2025 FLFO Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.23%, 01/24/29
 
1,510
1,529,546
2025 FLSO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.08%, 01/24/29
 
500
331,604
2025 FLTO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.00%), 9.83%, 01/24/30
 
576
174,098
Sazerac Co., Inc., Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.63%,
07/09/32
 
489
488,130
 
 
2,523,378
Security
 
Par
(000)
Value
Biotechnology — 0.6%
BioMarin Pharmaceutical, Inc., Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.43%,
04/27/33
USD
838
$ 837,581
Parexel International Corp., 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.14%, 12/12/31
 
3,132
3,132,460
 
 
3,970,041
Broadline Retail — 0.5%
Boots Group Finco LP, USD Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.92%,
08/30/32
 
1,151
1,154,093
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 8.39%, 03/15/30
 
1,741
1,749,828
 
 
2,903,921
Building Materials — 0.2%
CP Iris HoldCo I, Inc.
 
2025 Delayed Draw Term Loan, 0.00%, 10/27/32
 
3
2,710
2025 Term Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 4.00%), 7.64%, 10/27/32
 
1,613
1,530,242
 
 
1,532,952
Building Products — 3.4%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 05/13/29
 
86
86,542
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.64%,
09/08/32
 
2,925
2,923,883
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 5.25%), 8.89%, 07/08/30
 
1,166
1,021,708
EMRLD Borrower LP
 
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 08/04/31
 
1,779
1,776,720
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.25%), 5.92%, 05/31/30
 
2,792
2,788,651
Gibraltar Industries, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.87%,
02/02/33(d)
 
637
635,331
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.73%, 06/17/31
 
1,456
1,221,665
Knife River Corp., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 03/08/32
 
259
259,513
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 9.64%, 03/08/29
 
427
369,606
Quikrete Holdings, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR +
2.25%), 5.89%, 03/19/29
 
1,002
1,001,877
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 02/10/32
 
1,411
1,408,959
QXO Building Products, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
04/30/32
 
970
967,694
Standard Industries, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.39%,
09/22/28
 
438
438,288
Schedule of Investments
27
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Products (continued)
White Cap Supply Holdings LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.89%, 10/19/29
USD
3,643
$ 3,634,605
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.98%, 08/05/31
 
2,750
2,478,781
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.00%), 5.76%, 10/04/28
 
98
98,250
 
 
21,112,073
Capital Markets — 4.1%
Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.75%,
11/01/30
 
602
603,259
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.63%, 02/15/31
 
2,439
2,355,051
Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.64%,
08/09/30
 
846
843,925
Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 6.64%,
11/25/32
 
1,212
1,182,173
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B7, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 5.48%, 12/20/29
 
845
844,921
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
11/25/31
 
1,433
1,388,876
Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 11/01/32
 
1,725
1,721,201
Citadel Securities Global Holdings LLC, 2026 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.66%, 06/10/33
 
2,732
2,725,408
Cogeco Financing 2 LP, 2023 Incremental Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.26%, 09/01/28
 
205
193,123
Focus Financial Partners LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 09/15/31
 
3,252
3,169,179
GTCR Everest Borrower LLC, 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.23%,
09/05/31
 
465
463,060
Hudson River Trading LLC, 2026 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 03/18/30
 
2,872
2,849,598
Jane Street Group LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.67%,
12/15/31
 
4,520
4,474,758
Jump Financial LLC, 2025 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
02/26/32(d)
 
188
187,765
Jupiter Borrower, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.48%, 06/30/33
 
738
736,465
Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
07/30/32
 
1,833
1,806,296
 
 
25,545,058
Security
 
Par
(000)
Value
Chemicals — 3.7%
BASF Coatings Ltd., USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.24%,
06/29/33
USD
1,566
$ 1,570,306
Chemours Co., 2025 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.14%,
10/15/32
 
2,328
2,320,308
Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 6.36%, 11/01/30
 
1,743
1,742,477
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 7.41%,
10/04/29
 
1,517
1,509,577
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.66%, 06/12/31
 
1,139
1,137,555
Element Solutions, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
12/18/30
 
1,820
1,819,821
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32
 
811
807,716
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 02/15/30
 
257
257,232
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
7.89%, 10/07/31
 
261
218,204
Lonza Group AG, USD Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.03%), 7.76%, 07/03/28
 
1,206
1,139,820
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/26/31(d)
 
811
811,305
Olympus Water U.S. Holding Corp.
 
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.00%), 6.73%, 06/20/31
 
2,258
2,253,134
2025 USD Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 11/03/32
 
1,547
1,544,539
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term
SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31
 
1,459
956,609
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.65%,
10/09/31
 
501
501,882
Solstice Advanced Materials, Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.41%,
10/29/32
 
841
844,154
SP Motion Holdco Ltd., USD Term Loan B, 06/24/33(m)
 
458
457,428
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 6.66%,
08/02/30
 
1,780
1,769,075
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/19/32
 
1,536
1,529,788
 
 
23,190,930
Commercial Services & Supplies — 4.1%
Action Environmental Group, Inc., 2023 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.73%, 10/24/30
 
799
788,718
Allied Universal Holdco LLC, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.89%, 08/20/32
 
4,371
4,370,656
Anticimex International AB, 2025 USD Term Loan, (3-mo.
SOFR + 2.90%), 6.41%, 11/17/31
 
603
603,429
28
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Aramark Services, Inc., 2025 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
06/22/30
USD
919
$ 918,804
Asplundh Tree Expert, LLC, 2026 5th Amendment Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 05/30/33
 
2,630
2,625,099
Citrin Cooperman Advisors LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.73%, 04/01/32
 
1,412
1,369,063
Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.50%), 5.14%, 10/08/32
 
545
546,623
Garda World Security Corp., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.51%,
02/01/29
 
960
957,360
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
06/02/31
 
1,720
1,633,943
Innio Holding, Inc., 2026 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
11/02/31
 
1,342
1,335,068
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
03/11/32
 
2,193
2,187,206
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.42%,
12/31/32
 
436
436,473
Packers Holdings LLC, 2025 Takeback Term Loan, (1-
mo. CME Term SOFR at 1.00% Floor + 1.00%),
4.74%, 03/10/31
 
98
92,191
PG Investment Co. 59 SARL, 2025 Repriced Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
0.00%, 03/26/31
 
2,083
2,080,733
Prime Security Services Borrower LLC
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.62%, 10/13/30
 
336
333,152
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.37%, 03/07/32
 
1,608
1,581,941
Reworld Holding Corp.
 
2025 1st Lien Term Loan C, (1-mo. CME Term SOFR
at 0.50% Floor + 2.25%), 5.89%, 01/15/31
 
165
165,054
2025 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.89%, 01/15/31
 
1,017
1,015,716
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 5.90%, 11/30/28
 
775
774,866
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 01/30/31
 
1,819
1,816,110
 
 
25,632,205
Communications Equipment — 0.0%
Radiate Holdco LLC
 
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29
 
32
31,734
2025 Term Loan, (1-mo. CME Term SOFR at 1.00%
Floor + 4.00%), 7.64%, 06/26/29
 
32
31,734
 
 
63,468
Construction & Engineering — 1.1%
Azuria Water Solutions, Inc.
 
2026 Delayed Draw Term Loan, 0.00%, 04/25/33
 
19
18,758
Security
 
Par
(000)
Value
Construction & Engineering (continued)
Azuria Water Solutions, Inc. (continued)
 
2026 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 6.48%, 04/25/33
USD
1,529
$ 1,523,331
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.16%, 08/01/30
 
2,053
1,601,100
Construction Partners, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/03/31
 
1,311
1,309,014
Dycom Investments, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
01/27/33
 
720
720,223
Legence Holdings LLC, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 5.64%,
12/16/31
 
1,933
1,927,745
 
 
7,100,171
Consumer Discretionary — 0.1%
Element Materials Technology Group U.S. Holdings, Inc.,
2022 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.50%), 7.23%, 07/06/29
 
662
664,269
Consumer Staples Distribution & Retail — 0.8%
BCPE Empire Holdings, Inc., 2026 10th Amendment
Term Loan, (1-mo. CME Term SOFR + 3.50%),
7.14%, 12/29/32
 
2,426
2,393,582
EG America LLC, 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.92%, 02/10/31
 
2,172
2,177,430
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.39%,
10/03/31
 
615
617,486
 
 
5,188,498
Containers & Packaging — 2.7%
Charter Next Generation, Inc., 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%),
6.11%, 11/29/30
 
2,862
2,861,568
Clydesdale Acquisition Holdings, Inc.
 
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 3.25%), 6.89%, 04/01/32
 
1,892
1,816,022
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.18%), 6.82%, 04/13/29
 
190
186,415
Colossus Acquireco LLC, 2026 Term Loan B, (3-mo.
SOFR + 1.75%), 5.37%, 01/31/33
 
3,270
3,246,963
Graham Packaging Co., Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.89%,
01/26/33
 
1,320
1,320,102
Mauser Packaging Solutions Holding Co., 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.12%, 04/15/30
 
1,445
1,423,325
Multi-Color Corp., 2026 USD PIK Takeback Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.38%),
6.11%, 05/11/33
 
844
721,083
Potters Industries LLC, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 12/23/32
 
804
804,990
Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.39%,
02/01/29
 
1,460
1,463,657
Proampac PG Borrower LLC, 2026 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.66%, 03/07/33
 
1,044
1,024,893
Schedule of Investments
29
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 03/04/32
USD
244
$ 244,434
Ring Container Technologies Group LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.14%, 09/15/32
 
1,113
1,113,980
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 7.48%,
09/15/28
 
859
821,701
 
 
17,049,133
Distributors — 1.2%
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.39%, 01/31/31
 
1,422
1,422,268
Core & Main LP
 
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 5.66%, 07/27/28
 
2,955
2,953,360
2024 Term Loan E, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 5.66%, 02/09/31
 
690
690,194
QXO Building Products, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
07/01/33
 
2,200
2,193,884
 
 
7,259,706
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
5.39%, 08/23/32
 
1,139
1,138,715
Diversified REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 05/20/30
 
434
433,554
Diversified Telecommunication Services — 1.2%
Level 3 Financing, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.39%,
03/29/32
 
3,332
3,330,967
Sunrise Financing Partnership, Term Loan AAA, (6-mo.
CME Term SOFR at 0.00% Floor + 2.47%), 6.10%,
02/15/32
 
502
494,741
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-
mo. CME Term SOFR + 3.36%), 6.99%, 01/31/29
 
712
680,700
Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.11% and 0.50%
PIK), 7.26%, 03/11/30(e)
 
2,668
2,666,389
 
 
7,172,797
Electric Utilities — 0.9%
Alpha Generation LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 09/30/31
 
953
943,472
NRG Energy, Inc.
 
2024 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.42%, 04/16/31
 
2,791
2,787,056
2026 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 04/28/33
 
364
363,359
Pathfinder Power LLC, Term Loan B, 06/22/33(m)
 
888
885,780
Talen Energy Supply LLC, 2024-1 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 12/15/31
 
673
668,978
 
 
5,648,645
Security
 
Par
(000)
Value
Electronic Equipment, Instruments & Components — 0.7%
Belden, Inc., Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 07/01/33(d)
USD
1,297
$ 1,297,000
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 06/20/31(d)
 
825
823,097
Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 07/02/29
 
783
780,962
CoorsTek, Inc., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 10/28/32
 
539
538,990
Sanmina Corp., 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 10/27/32(d)
 
1,032
1,033,290
 
 
4,473,339
Energy Equipment & Services — 0.1%
Deep Blue Operating I LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.90%,
10/01/32
 
491
491,693
Entertainment — 3.4%
Creative Artists Agency LLC, 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 10/01/31
 
2,381
2,379,012
Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.48%,
09/30/31
 
2,568
2,565,388
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.37%,
03/04/32
 
1,920
1,915,586
Electronic Arts, Inc., USD Term Loan B, 03/24/33(m)
 
3,810
3,818,191
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.39%, 03/24/32
 
3,089
3,087,256
Live Nation Entertainment, Inc., 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.64%, 10/21/32
 
1,598
1,595,973
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
11/12/29
 
1,760
1,495,954
TKO Worldwide Holdings LLC, 2026 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.41%, 11/21/31
 
4,046
4,030,348
 
 
20,887,708
Environmental, Maintenance & Security Service — 0.2%
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
10/17/30
 
618
617,934
Reworld Holding Corp., 2025 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.25%),
5.90%, 01/15/31
 
364
363,479
 
 
981,413
Financial Services — 3.2%
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.89%, 12/21/28
 
1,837
1,836,710
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.63%,
05/21/31
 
1,973
1,973,663
Apex Group Treasury LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.15%, 02/27/32
 
1,991
1,880,434
APi Group DE, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
05/16/33
 
3,197
3,189,882
30
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Financial Services (continued)
CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
05/19/31
USD
3,671
$ 3,654,585
Gryphon Acquire NewCo LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.41%,
09/13/32
 
875
875,122
ITT Holdings LLC, 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.98%), 5.71%, 10/11/30
 
479
477,852
LBM Acquisition LLC, 2024 Incremental Term Loan B,
(1-mo. CME Term SOFR at 0.75% Floor + 3.75%),
7.50%, 06/06/31
 
806
673,352
NEXUS Buyer LLC
 
2025 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 7.64%, 07/31/31
 
1,045
1,009,343
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.50%), 7.23%, 07/31/31
 
150
144,308
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.17%,
10/08/32
 
1,155
1,154,851
Sotera Health Holdings LLC, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.89%,
05/30/31
 
2,161
2,160,748
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.14%,
10/16/31
 
107
106,967
WEX, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.39%, 03/31/28
 
320
319,428
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 03/05/32
 
420
417,916
 
 
19,875,161
Food Products — 1.3%
Chobani LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.89%, 10/28/32
 
4,133
4,139,141
Froneri U.S., Inc.
 
2024 USD Term Loan B4, (6-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.88%, 09/30/31
 
2,048
2,031,929
2025 USD Term Loan B6, (6-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.13%, 09/30/32
 
562
557,954
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 6.50%), 10.23%,
03/29/30
 
136
136,230
Treehouse Foods, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 7.89%,
02/11/33
 
984
985,899
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.14%,
01/29/32
 
386
385,882
Wellness Pet LLC, 2025 Second Out Exchange Term
Loan, (3-mo. CME Term SOFR at 0.75% Floor +
3.75%), 7.74%, 12/31/29
 
128
23,524
 
 
8,260,559
Gas Utilities — 0.5%
BIP PipeCo Holdings LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
12/06/30
 
429
428,254
M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 04/01/32
 
487
487,793
Security
 
Par
(000)
Value
Gas Utilities (continued)
NGL Energy Partners LP, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.13%,
03/11/33
USD
673
$ 675,359
Traverse Midstream Partners LLC, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.04%, 04/21/33
 
407
406,491
Venture Global Calcasieu Pass LLC, 2026 Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.95%, 04/11/33
 
1,140
1,142,064
 
 
3,139,961
Ground Transportation — 0.8%
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
04/10/31
 
3,459
3,442,652
Hertz Corp.
 
2021 Term Loan B, (3-mo. CME Term SOFR +
3.76%), 7.43%, 06/30/28
 
1,002
705,941
2021 Term Loan C, (3-mo. CME Term SOFR +
3.76%), 7.43%, 06/30/28
 
199
140,045
PODS LLC, 2026 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 4.50%), 8.13%, 05/14/31
 
746
724,694
 
 
5,013,332
Health Care Equipment & Supplies — 1.5%
Bausch & Lomb Corp., 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.39%,
01/15/31
 
2,693
2,696,937
Hopper Merger Sub, Inc., 2026 USD Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.99%, 04/07/33
 
5,364
5,244,436
McKesson Medical-Surgical Top Holdings, Inc., Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.98%, 06/09/32
 
750
749,378
QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 7.64%, 08/20/32
 
809
794,514
 
 
9,485,265
Health Care Providers & Services — 2.7%
AHP Health Partners, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.89%,
09/20/32
 
198
198,386
CCRR Parent, Inc., 2026 Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 5.25%), 8.91%, 05/27/32
 
233
162,687
Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.14%,
06/30/31
 
649
647,838
CHG Healthcare Services, Inc., 2026 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.66%, 09/29/31
 
867
867,292
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 5.91%,
11/08/32
 
1,311
1,311,866
Concentra Health Services, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.64%, 07/26/31
 
607
606,976
DaVita, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.39%, 05/09/31
 
647
646,051
Examworks Bidco, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.14%,
02/06/33
 
1,244
1,244,091
EyeCare Partners LLC, 2024 Third Out Term Loan C,
0.00%, 11/30/28(c)(f)
 
48
7,794
Schedule of Investments
31
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
USD
477
$ 476,832
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.42%,
05/19/31
 
1,967
1,935,318
Medical Solutions Holdings, Inc.
 
2026 Class A-1 First Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 5.25%), 9.17%,
11/01/30
 
84
61,147
2026 Class A-2 First Out Term Loan, 11/01/30(m)
 
194
140,292
2026 Exchange FLSO Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 3.60%), 7.30%, 11/01/30
 
359
73,506
2026 Exchange FLTO Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 7.10%), 10.80%, 11/03/31
 
347
41,651
Medline Borrower LP, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 1.50%), 5.14%,
05/30/33
 
3,176
3,154,616
Option Care Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.39%,
09/22/32
 
1,521
1,521,949
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.64%,
11/19/31
 
504
497,311
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 7.73%, 09/27/30
 
1,235
1,236,237
Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.14%,
12/19/30
 
1,304
1,303,965
Team Health Holdings, Inc., 2026 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.66%, 06/30/28
 
469
469,272
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 5.39%, 08/01/31
 
237
236,709
 
 
16,841,786
Health Care Technology — 1.2%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.39%,
02/15/29
 
1,833
1,828,294
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR +
2.75%), 6.37%, 05/01/31
 
1,985
1,812,797
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.00%), 7.83%,
10/01/27
 
593
583,870
PointClickCare Technologies, Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.41%, 11/03/31
 
706
702,251
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.26%), 7.93%,
06/02/28
 
1,978
1,710,834
Waystar Technologies, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
10/22/29(d)
 
621
618,279
 
 
7,256,325
Hotels, Restaurants & Leisure — 5.6%
Aimbridge Acquisition Co., Inc.
 
2025 1st Lien Second Out Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 7.61%), 11.25%,
03/11/30
 
192
184,778
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Aimbridge Acquisition Co., Inc. (continued)
 
2025 First Out Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 5.61%), 9.25%, 03/11/30
USD
203
$ 196,987
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.14%,
05/31/30
 
917
914,908
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
09/20/30
 
1,753
1,749,226
Caesars Entertainment, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.89%, 02/06/31
 
3,015
2,889,299
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 5.89%, 02/06/30
 
1,508
1,455,134
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.11%,
12/02/31
 
857
858,377
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 6.89%,
01/27/29
 
3,024
3,019,596
Flutter Financing BV
 
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.48%, 11/30/30
 
3,428
3,392,845
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 5.73%, 06/04/32
 
1,025
1,019,774
Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.39%,
09/22/32
 
2,769
2,782,622
Gaia Purchaser, Inc., Term Loan B, 06/25/33(d)(m)
 
725
724,094
Great Canadian Gaming Corp., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 4.75%),
8.43%, 11/01/29
 
751
738,307
GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032),
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.98%, 07/31/32
 
327
325,973
Herschend Entertainment Co. LLC, 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 05/27/32
 
911
912,169
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 5.40%, 11/08/30
 
696
696,988
IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.14%, 12/16/30
 
1,445
1,444,915
Light & Wonder International, Inc., 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.64%, 04/16/29
 
973
972,915
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 7.98%, 08/01/30
 
649
616,319
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 5.64%,
05/30/33
 
1,018
1,015,159
Pioneer Opco LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.89%, 05/16/33
 
1,343
1,347,083
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.67%, 04/04/29
 
929
915,063
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.64%, 12/04/31
 
886
878,920
32
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Six Flags Entertainment Corp., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.64%, 05/01/31
USD
297
$ 293,831
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.64%,
03/14/31
 
1,860
1,858,437
TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.98%, 12/30/32
 
954
934,920
Voyager Parent LLC, Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.98%,
07/01/32
 
1,030
1,029,929
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.14%,
08/03/28
 
841
839,047
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 05/24/30
 
1,125
1,125,441
 
 
35,133,056
Household Durables — 0.7%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
01/20/32
 
1,963
1,958,751
Madison Safety & Flow LLC, 2025 1st Lien Term Loan B,
(Prime + 1.50%), 8.25%, 09/26/31
 
452
452,243
Somnigroup International, Inc., Term Loan B, (1-mo.
SOFR + 2.25%), 5.87%, 10/24/31
 
375
375,822
Springs Windows Fashions LLC, 2024 FLFO Delayed
Draw Term Loan, (1-mo. CME Term SOFR at 1.00%
Floor + 4.50%), 8.14%, 12/19/29
 
204
202,008
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo.
CME Term SOFR at 1.00% Floor + 4.50%), 8.14%,
12/19/29
 
153
151,506
Weber-Stephen Products LLC, 2025 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.44%, 10/01/32
 
1,424
1,405,357
 
 
4,545,687
Household Products — 0.2%
Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 6.98%,
12/30/32
 
994
982,822
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2025 Repriced
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 1.75%), 5.39%, 07/31/30
 
2,187
2,184,362
Constellation Renewables LLC, 2020 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 2.00%), 5.67%,
12/15/27
 
1,046
1,041,551
Talen Energy Supply LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/26/32
 
1,366
1,353,889
 
 
4,579,802
Industrial Conglomerates — 1.6%
ACI Rover Parent LLC, 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/09/33
 
872
869,602
Security
 
Par
(000)
Value
Industrial Conglomerates (continued)
Beach Acquisition Bidco LLC, USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
09/12/32
USD
638
$ 640,306
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.93%, 03/27/31
 
479
480,725
FCG Acquisitions, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.89%,
03/04/33
 
187
188,087
Heritage Environmental Services, Inc., 2026 Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.64%, 04/01/33(d)
 
410
411,538
LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.62%, 12/02/31
 
598
599,197
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.18%, 10/01/32
 
871
871,927
Resideo Funding, Inc., 2025 Incremental Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.67%, 08/13/32
 
1,008
1,007,956
Resilience Parent LLC, 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
02/28/33
 
2,128
2,122,893
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo.
CME Term SOFR + 7.50%), 11.49%, 12/31/29
 
224
193,693
Sword Purchaser LLC, USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.64%,
04/11/33
 
2,570
2,502,949
 
 
9,888,873
Insurance — 4.8%
Alliant Holdings Intermediate LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 09/19/31
 
5,715
5,633,506
AmWINS Group, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 5.73%,
01/30/32
 
2,557
2,498,120
Amynta Agency Borrower, Inc., 2026 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 12/29/31
 
2,415
2,379,133
Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30
 
1,678
1,658,063
HUB International Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.92%,
06/20/30
 
3,770
3,764,256
Hyperion Insurance Group Ltd., 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.48%, 04/18/30
 
250
235,188
Hyperion Refinance SARL, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.39%, 02/15/31
 
2,298
2,152,547
Jones DesLauriers Insurance Management Inc.,
2026 Repriced Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 6.66%, 02/02/33
 
2,197
2,099,167
OneDigital Borrower LLC, 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.64%, 07/02/31
 
213
205,858
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
09/15/31
 
1,296
1,292,613
Schedule of Investments
33
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Truist Insurance Holdings LLC, 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.48%, 05/06/31
USD
2,786
$ 2,716,567
USI, Inc.
 
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.98%, 09/29/30
 
1,748
1,738,603
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.98%, 11/21/29
 
3,585
3,570,474
 
 
29,944,095
Interactive Media & Services — 0.1%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 6.39%, 01/31/31
 
583
535,545
IT Services — 3.8%
Asurion LLC
 
2021 Second Lien Term Loan B4, (3-mo. CME Term
SOFR + 5.25%), 9.18%, 01/20/29
 
374
369,212
2023 Term Loan B11, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.01%, 08/19/28
 
131
131,115
2024 Term Loan B12, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 7.91%, 09/19/30
 
479
472,804
2026 Term Loan B14, (3-mo. CME Term SOFR at
0.00% Floor + 3.75%), 7.41%, 02/23/33
 
740
698,375
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.16%,
08/15/29
 
885
597,591
Central Parent Inc., 2026 CoOp Steerco Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.98%, 07/06/29
 
2,380
1,537,872
CoreWeave Financing DDTL V LLC, Delayed Draw Term
Loan, (1-mo. SOFR + 4.50%), 8.12%, 11/17/31
 
524
533,868
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME
Term SOFR at 0.75% Floor + 2.75%), 6.39%,
05/30/31
 
2,595
2,475,142
Galileo Parent, Inc., 1st Lien Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.13%,
03/03/33
 
769
770,922
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 09/12/29
 
2,293
2,263,174
Go Daddy Operating Co. LLC, 2024 Term Loan B8, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 11/09/29
 
1,230
1,201,754
ION Platform Finance U.S., Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.48%,
10/07/32
 
2,715
1,926,420
Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.73%,
01/31/31
 
638
636,612
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
03/01/29
 
1,597
1,413,223
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.91%, 07/01/31
 
602
555,308
Ping Identity Corp., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.38%, 11/15/32
 
548
532,930
Project Boost Purchaser LLC, 2025 Refinancing Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.48%, 07/16/31
 
1,038
1,008,614
Security
 
Par
(000)
Value
IT Services (continued)
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/31/28
USD
2,485
$ 2,395,239
Sedgwick Claims Management Services, Inc., 2023 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 07/31/31
 
3,008
2,968,439
Shift4 Payments LLC, 2025 Repriced Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.73%, 07/03/32
 
1,084
1,079,094
 
 
23,567,708
Leisure Products — 0.3%
Bombardier Recreational Products, Inc., 2024 Term Loan
B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.89%, 01/22/31
 
552
551,124
City Football Group Ltd., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.26%), 6.93%,
07/22/30
 
1,180
1,174,494
 
 
1,725,618
Machinery — 3.5%
AI Aqua Merger Sub, Inc.
 
2026 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.50%), 6.14%, 07/31/28
 
1,945
1,942,264
2026 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.15%, 07/02/33
 
3,207
3,203,408
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.18%,
03/15/30
 
472
471,341
Columbus McKinnon Corp., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.23%,
02/03/33
 
1,341
1,337,123
CompoSecure Holdings LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.92%,
01/14/33
 
2,038
2,024,468
ESCO Technologies, Inc., Term Loan B, 06/11/33(d)(m)
 
572
570,570
Filtration Group Corp., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.14%,
10/21/28
 
1,747
1,746,993
Generac Power Systems, Inc., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.37%, 07/03/31
 
285
286,350
GrafTech Global Enterprises, Inc.
 
2024 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 2.00% Floor + 6.00%), 9.64%, 12/21/29
 
14
13,841
2024 Term Loan, (3-mo. CME Term SOFR at 2.00%
Floor + 6.00%), 9.67%, 12/21/29
 
25
24,222
Hayward Industries, Inc., 2026 Term Loan B, 06/23/33(m)
 
401
400,724
Indicor LLC, 2026 USD Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 11/22/29
 
788
786,573
LSF12 Helix Parent LLC, USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.14%,
02/10/33
 
1,515
1,485,117
Madison IAQ LLC, 2026 Term Loan B, (6-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.47%, 05/06/32
 
710
708,154
PECF USS Intermediate Holding III Corp., 2026 Term
Loan, (3-mo. CME Term SOFR at 2.00% Floor +
7.50%), 11.18%, 03/03/33
 
104
99,203
34
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Machinery (continued)
Tega MC Australia Holdings Pty. Ltd., Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.16%, 06/01/33
USD
610
$ 612,672
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B,
(6-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.38%, 04/30/30
 
3,192
3,203,769
WEC U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.62%,
01/27/31
 
2,625
2,622,011
 
 
21,538,803
Media — 2.0%
Altice France SA, 2025 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 6.88%), 10.55%,
05/31/31
 
1,546
1,575,499
Charter Communications Operating LLC
 
2023 Term Loan B4, (3-mo. CME Term SOFR at
0.00% Floor + 2.00%), 5.69%, 12/07/30
 
406
400,663
2024 Term Loan B5, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.94%, 12/15/31
 
362
356,037
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
7.76%, 08/23/28
 
643
642,856
CSC Holdings LLC, 2019 Term Loan B5, (Prime +
1.50%), 8.25%, 04/15/27
 
2,114
1,479,591
Discovery Global Holdings, Inc., 2026 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 06/03/33
 
1,655
1,655,389
ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.64%,
08/30/30
 
935
934,537
NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.14%, 10/17/31
 
1,435
1,348,369
Nexstar Broadcasting, Inc., 2026 Term Loan B7, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
03/18/33
 
722
713,166
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 5.23% and 1.50%
PIK), 10.26%, 09/25/29(e)
 
2,810
2,525,152
Telenet Financing USD LLC, 2020 USD Term Loan AR,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.74%, 04/28/28
 
560
555,240
 
 
12,186,499
Metals & Mining — 0.2%
Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.43%,
02/26/32
 
1,343
1,335,245
Multi-Utilities — 0.4%
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.16%, 03/03/32
 
2,706
2,704,551
Oil, Gas & Consumable Fuels — 0.9%
Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term
SOFR + 3.00%), 6.69%, 09/29/32
 
469
469,817
Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
11/22/32
 
476
477,547
Freeport LNG Investments LLLP, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.93%, 02/11/33
 
1,681
1,682,496
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 02/11/30
USD
683
$ 682,926
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
09/22/32
 
482
481,759
Murphy USA, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.37%, 04/07/32
 
312
312,861
TransMontaigne Partners LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.89%,
03/16/30
 
514
514,045
Whitewater Matterhorn Holdings LLC, 2026 Term Loan
B, (3-mo. CME Term SOFR + 1.75%), 5.50%,
06/16/32
 
1,082
1,073,678
 
 
5,695,129
Passenger Airlines — 1.4%
AAdvantage Loyalty IP Ltd., 2025 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.93%,
04/20/28
 
1,355
1,352,897
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.41%, 03/21/31
 
1,448
1,442,212
American Airlines, Inc.
 
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.91%, 06/04/29
 
1,250
1,226,938
2026 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 6.67%, 05/29/33
 
1,090
1,075,470
AS Mileage Plan IP Ltd., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.65%,
05/12/33
 
796
792,522
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.75%), 8.43%,
08/27/29
 
1,404
1,245,876
United Airlines, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
02/22/31
 
1,352
1,347,773
 
 
8,483,688
Pharmaceuticals — 1.2%
Amneal Pharmaceuticals LLC, 2026 Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
08/01/32
 
2,010
2,016,243
Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.37%,
10/31/32
 
362
361,554
Endo Finance Holdings LP, 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.39%, 04/23/31
 
534
534,297
Grifols International Services USA, Inc., 2026 USD Term
Loan B, (6-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.19%, 04/14/33
 
1,533
1,536,224
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
5.89%, 05/05/28
 
1,572
1,575,196
Opal US LLC, 2026 USD Term Loan B, 04/28/32(m)
 
480
479,357
Schedule of Investments
35
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Perrigo Investments LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
04/20/29
USD
890
$ 886,225
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
 
119
118,803
 
 
7,507,899
Professional Services — 1.6%
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.64%,
08/12/32
 
903
897,120
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.26%, 06/02/28
 
1,612
1,591,958
Corpay Technologies Operating Co. LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 11/05/32
 
1,598
1,592,913
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR + 0.50% and 3.25% PIK), 8.91%, 07/31/30(e)
 
444
405,572
Trans Union LLC
 
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.39%, 06/24/31
 
1,859
1,853,307
2024 Term Loan B9, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 06/24/31
 
971
968,698
Zelis Payments Buyer, Inc.
 
5th Amendment Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.89%, 11/26/31
 
1,706
1,663,199
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
6.39%, 09/28/29
 
967
942,836
 
 
9,915,603
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 5.89%, 06/13/33(d)
 
684
682,443
Semiconductors & Semiconductor Equipment — 0.4%
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 07/06/29
 
380
381,001
Qnity Electronics, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 5.67%, 11/01/32
 
2,295
2,297,829
 
 
2,678,830
Software — 5.7%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
02/24/31
 
2,382
2,337,329
Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.23%, 03/26/32
 
1,115
1,065,498
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.42%,
07/30/31
 
3,223
2,893,808
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
06/17/30
 
638
609,252
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 5.64%,
01/23/32
 
619
609,522
Cloud Software Group, Inc.
 
2025 Term Loan B (2031), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 03/21/31
 
2,692
2,352,325
2025 Term Loan B (2032), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 08/13/32
 
3,036
2,617,289
Security
 
Par
(000)
Value
Software (continued)
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.75%), 7.49%, 10/08/28
USD
642
$ 495,300
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 7.38%, 12/09/31
 
1,609
1,533,556
CoreLogic, Inc., 2nd Lien Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 6.61%), 10.26%, 06/04/29
 
488
479,460
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.25%), 6.93%, 10/09/31
 
746
678,988
Dayforce, Inc., 2026 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.66%, 02/04/33
 
2,385
2,167,035
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 4.25%), 7.98%, 06/26/31
 
622
591,285
Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.14%, 10/09/29
 
2,082
2,004,550
Genesys Cloud Services, Inc., 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 01/30/32
 
1,994
1,906,578
Kaseya, Inc., 2025 1st Lien Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.91%,
03/22/32
 
3,123
2,402,838
MH Sub I LLC, 2024 Term Loan B4, (1-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 7.89%, 12/31/31
 
523
451,714
Mitchell International, Inc., 2024 2nd Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 5.25%),
8.89%, 06/17/32
 
405
369,198
MKS Instruments, Inc., 2026 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.36%,
02/04/33
 
1,178
1,180,029
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/28/30
 
884
736,717
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.00%), 6.99%, 04/24/28
 
1,629
1,520,291
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
05/09/31
 
1,929
1,924,689
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 5.91%, 02/10/31
 
2,692
2,530,231
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.91%, 04/12/31
 
1,908
1,828,967
 
 
35,286,449
Specialty Retail — 1.4%
Belron Finance 2019 LLC, 2026 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.66%, 10/16/31
 
3,114
3,109,369
LS Group OpCo Acquistion LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 04/23/31
 
1,190
1,184,750
Mavis Tire Express Services Topco Corp., 2025 Repriced
Term Loan, (6-mo. CME Term SOFR at 0.75% Floor +
3.00%), 6.67%, 05/04/28
 
2,230
2,224,953
Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/14/32
 
334
334,092
Project Aurora US Finco, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
12/06/32
 
239
239,595
36
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Specialty Retail (continued)
Pye-Barker Fire & Safety LLC
 
2025 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32
USD
26
$ 25,941
2025 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.23%, 12/16/32
 
1,105
1,106,281
Restoration Hardware, Inc., 2022 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.25%), 6.99%, 10/20/28
 
278
273,298
 
 
8,498,279
Technology Hardware, Storage & Peripherals — 0.4%
Finastra USA, Inc., 2025 USD Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.75%,
09/15/32
 
2,909
2,671,897
Textiles, Apparel & Luxury Goods — 0.1%
ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw
Term Loan, (1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.89%, 02/13/32
 
626
625,492
Tobacco — 0.0%
Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.66%, 02/19/32
 
60
60,829
Trading Companies & Distributors — 0.4%
Core & Main LP, 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%, 07/01/33(d)
 
1,405
1,401,488
Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.38%,
06/02/32
 
275
275,615
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 1.00% Floor + 4.00%), 7.64%,
07/02/29
 
1,285
632,701
 
 
2,309,804
Transportation Infrastructure — 1.2%
AIT Worldwide Logistics, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.91%,
04/29/33
 
807
806,806
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 09/23/31
 
2,818
2,818,850
Brown Group Holding LLC, Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.14%,
07/01/31
 
1,216
1,218,272
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.25%), 9.99%, 12/15/26
 
713
707,413
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.73%, 03/18/30
 
1,431
1,425,876
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 8.00%), 11.64%,
08/20/29
 
900
354,225
 
 
7,331,442
Security
 
Par
(000)
Value
Wireless Telecommunication Services — 0.5%
Digicel International Finance Ltd., 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.23%, 08/06/32
USD
594
$ 596,892
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
01/25/31
 
1,339
1,339,512
Windstream Services LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.00%), 7.64%,
10/06/32(d)
 
1,282
1,288,968
 
 
3,225,372
Total Floating Rate Loan Interests — 85.0%
(Cost: $542,363,830)
529,068,783
 
 
 
 
Shares
 
Investment Companies
Capital Markets — 0.4%
Janus Henderson AAA CLO ETF
 
50,000
2,524,500
Equity Funds — 5.5%
H-Food Holdings LLC(c)
 
8,393
144,779
Invesco Senior Loan ETF
 
1,141,200
23,246,244
State Street Blackstone Senior Loan ETF
 
265,000
10,676,850
 
 
34,067,873
Fixed Income Funds(n) — 2.6%
iShares 0-5 Year Investment Grade Corporate Bond
ETF
 
40,000
2,014,800
iShares Broad USD High Yield Corporate Bond ETF
 
395,000
14,622,900
 
 
16,637,700
Total Investment Companies — 8.5%
(Cost: $54,221,714)
53,230,073
 
 
 
Par
(000)
 
Preferred Securities
Capital Trusts — 0.8%(a)
Banks — 0.0%
Citigroup, Inc., Series GG, 6.88%, 12/31/99
USD
60
61,447
Capital Markets — 0.0%
Apollo Global Management, Inc., 6.00%, 12/15/54
 
84
81,488
Electric Utilities — 0.1%
AES Corp., 7.60%, 01/15/55
 
71
72,695
Dominion Energy, Inc.
 
6.15%, 12/15/56
 
55
55,167
6.25%, 12/15/56
 
30
30,127
NextEra Energy Capital Holdings, Inc.
 
Series AA, 6.00%, 10/01/56
 
122
121,940
Schedule of Investments
37
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
NextEra Energy Capital Holdings, Inc. (continued)
 
Series BB, 6.20%, 10/01/56
USD
183
$ 182,823
PG&E Corp., 6.85%, 09/15/56
 
122
121,567
 
 
584,319
Financial Services — 0.4%
Bank of America Corp.(l)
 
Series OO, 6.63%
 
259
267,023
Series U, 6.25%
 
62
62,745
Barclays PLC(l)
 
4.38%
 
200
194,156
9.63%
 
200
221,776
Brookfield Finance, Inc., 6.30%, 01/15/55
 
125
121,243
Citigroup, Inc.(l)
 
Series CC, 7.13%
 
117
119,701
Series DD, 7.00%
 
45
46,940
Series EE, 6.75%
 
100
101,396
Series FF, 6.95%
 
40
40,921
Series HH, 6.63%
 
90
91,692
Goldman Sachs Group, Inc.(l)
 
Series Y, 6.13%
 
102
102,237
Series Z, 6.85%
 
85
87,397
UBS Group AG(b)(l)
 
7.00%
 
200
200,805
7.75%
 
200
210,759
9.25%
 
200
231,030
 
 
2,099,821
Independent Power and Renewable Electricity Producers(b)(l) — 0.1%
NRG Energy, Inc., 10.25%
 
125
134,879
Vistra Corp., 7.00%
 
301
303,385
 
 
438,264
Insurance — 0.0%
Corebridge Financial, Inc., 6.38%, 09/15/54
 
59
58,572
Multi-Utilities — 0.0%
AltaGas Ltd., 7.20%, 10/15/54(b)
 
52
54,517
Oil, Gas & Consumable Fuels — 0.2%
Enbridge, Inc.
 
7.20%, 06/27/54
 
40
42,513
7.38%, 03/15/55
 
26
27,345
Energy Transfer LP
 
8.00%, 05/15/54
 
127
134,818
7.13%, 10/01/54
 
75
77,155
Series G, 7.13%(l)
 
62
63,973
Sunoco LP, 7.88%(b)(l)
 
504
524,128
Venture Global LNG, Inc., 9.00%(b)(l)
 
610
595,552
 
 
1,465,484
 
4,843,912
 
 
 
 
Shares
 
Preferred Stocks — 0.1%(c)
Financial Services — 0.1%
Labels Buyer LLC, 12.00%
 
357
292,740
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc., 07/21/30(d)
 
382
76,336
Health Care Providers & Services — 0.0%
Ingenovis Health, Inc., 12/31/79
 
23,129
87,670
Security
 
 
Shares
Value
IT Services — 0.0%
Veritas Newco
 
Series G, 12/31/49
 
1,882
$ 37,645
Series G-1, 12/31/49
 
1,301
25,370
 
 
63,015
 
519,761
Total Preferred Securities — 0.9%
(Cost: $5,376,819)
5,363,673
Warrants
Energy Equipment & Services — 0.0%
Turbo Cayman Ltd., (Strike Price GBP 0.01)(c)(d)
 
1
—
Financial Services(c) — 0.0%
Labels Buyer LLC
 
314
785
Service King (Carnelian Point), (Exercisable 01/14/23,
1 Share for 1 Warrant, Expires 06/30/27, Strike Price
USD 10.00)
 
2,435
—
 
 
785
Total Warrants — 0.0%
(Cost: $ — )
785
Total Long-Term Investments — 119.3%
(Cost: $767,761,505)
742,705,563
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.54%(n)(o)
 
8,117,500
8,117,500
Total Short-Term Securities — 1.3%
(Cost: $8,117,500)
8,117,500
Total Investments — 120.6%
(Cost: $775,879,005)
750,823,063
Liabilities in Excess of Other Assets — (20.6)%
(128,350,019
)
Net Assets — 100.0%
$  622,473,044
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Non-income producing security.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(f)
Issuer filed for bankruptcy and/or is in default.
(g)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(h)
Convertible security.
(i)
Zero-coupon bond.
(j)
When-issued security.
(k)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $2,264,324, representing 0.4% of its net assets as of
period end, and an original cost of $2,266,246.
(l)
Perpetual security with no stated maturity date.
(m)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(n)
Affiliate of the Fund.
(o)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
38
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 1,327,027
$ 6,790,473
(a)
$ —
$ —
$ —
$ 8,117,500
8,117,500
$ 71,328
$ —
iShares 0-5 Year Investment Grade Corporate Bond ETF
—
2,014,600
—
—
200
2,014,800
40,000
22,142
—
iShares Broad USD High Yield Corporate Bond ETF
10,657,575
4,030,438
—
—
(65,113
)
14,622,900
395,000
372,670
—
 
$ —
$ (64,913
)
$ 24,755,200
$ 466,140
$ —
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts 
10-Year U.S. Ultra Long Treasury Note
35
09/21/26
$ 3,930
$ (48,589
)
U.S. Long Bond
18
09/21/26
2,035
(48,353
)
 
$ (96,942
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
2,095,278
EUR
1,798,000
BNP Paribas SA
09/16/26
$ 34,385
USD
206,388
EUR
177,000
Wells Fargo Bank N.A.
09/16/26
3,509
 
 
 
 
 
 
$ 37,894
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.44.V3
5.00
% 
Quarterly
06/20/30
CCC+
USD
490
$ 41,642
$ 21,614
$ 20,028
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR, 3.68%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
Morgan Stanley &
Co. International
PLC
N/A
09/20/26
USD
8,000
$ 155,927
$ (72,138
)
$ 228,065
Schedule of Investments
39
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps 
Description

Premiums
Paid

Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally Cleared Swaps(a)
$ 21,614
$ —
$ 20,028
$ —
OTC Swaps
—
(72,138
)
228,065
—
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the
Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
$ —
$ —
$ —
$ 37,894
$ —
$ —
$ 37,894
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
—
20,028
—
—
—
—
20,028
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
—
—
—
—
228,065
—
228,065
 
$ —
$ 20,028
$ —
$ 37,894
$ 228,065
$ —
$ 285,987
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 96,942
$ —
$ 96,942
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
—
—
—
—
72,138
—
72,138
 
$ —
$ —
$ —
$ —
$ 169,080
$ —
$ 169,080
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ —
$ —
$ 272,419
$ —
$ 272,419
Forward foreign currency exchange contracts
—
—
—
53,045
—
—
53,045
Swaps
—
977
—
—
33,367
—
34,344
 
$ —
$ 977
$ —
$ 53,045
$ 305,786
$ —
$ 359,808
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ (148,421
)
$ —
$ (148,421
)
Forward foreign currency exchange contracts
—
—
—
34,152
—
—
34,152
Swaps
—
4,141
—
—
(267,755
)
—
(263,614
)
 
$ —
$ 4,141
$ —
$ 34,152
$ (416,176
)
$ —
$ (377,883
)
40
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — short
$6,103,891
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
2,277,303
Credit default swaps:
Average notional value — sell protection
492,500
Total return swaps:
Average notional value
13,000,000
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 39,922
$ —
Forward foreign currency exchange contracts
37,894
—
Swaps — centrally cleared
—
260
Swaps — OTC(a)
228,065
72,138
Total derivative assets and liabilities in the Statements of Assets and Liabilities
305,881
72,398
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(39,922
)
(260
)
Total derivative assets and liabilities subject to an MNA
$ 265,959
$ 72,138
 
(a)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
BNP Paribas SA
$ 34,385
$ —
$ —
$ —
$ 34,385
Morgan Stanley & Co. International PLC
228,065
(72,138
)
—
—
155,927
Wells Fargo Bank N.A.
3,509
—
—
—
3,509
 
$ 265,959
$ (72,138
)
$ —
$ —
$ 193,821
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Morgan Stanley & Co. International PLC
$ 72,138
$ (72,138
)
$ —
$ —
$ —
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default. 
Schedule of Investments
41
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 5,572,495
$ —
$ 5,572,495
Common Stocks 
Financial Services
—
250,682
—
250,682
Ground Transportation
—
1,383
—
1,383
Hotels, Restaurants & Leisure
—
—
87,075
87,075
Industrial Conglomerates
—
101,179
—
101,179
IT Services
—
—
157,357
157,357
Machinery
—
—
244,630
244,630
Semiconductors & Semiconductor Equipment
1
—
—
1
Trading Companies & Distributors
—
49,596
—
49,596
Wireless Telecommunication Services
—
235,620
—
235,620
Corporate Bonds
—
146,228,579
234,880
146,463,459
Fixed Rate Loan Interests
—
1,878,772
—
1,878,772
Floating Rate Loan Interests
—
518,583,615
10,485,168
529,068,783
Investment Companies 
Capital Markets
2,524,500
—
—
2,524,500
Equity Funds
33,923,094
144,779
—
34,067,873
Fixed Income Funds
16,637,700
—
—
16,637,700
Preferred Securities
Capital Trusts
—
4,843,912
—
4,843,912
Preferred Stocks
—
443,425
76,336
519,761
Warrants
—
785
—
785
Short-Term Securities 
Money Market Funds
8,117,500
—
—
8,117,500
Unfunded Floating Rate Loan Interests(a)
—
28,699
—
28,699
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(3,366
)
(26,515
)
(29,881
)
 
$61,202,795
$678,360,155
$11,258,931
$750,821,881
Derivative Financial Instruments(b)
Assets 
Credit Contracts
$ —
$ 20,028
$ —
$ 20,028
Foreign Currency Exchange Contracts
—
37,894
—
37,894
Interest Rate Contracts
—
228,065
—
228,065
Liabilities 
Interest Rate Contracts
(96,942
)
—
—
(96,942
)
 
$(96,942
)
$285,987
$—
$189,045
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $110,000,000 are categorized as Level 2 within the fair value hierarchy.
42
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
 
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Corporate
Bonds
Fixed
Rate Loan
Interests
Floating
Rate Loan
Interests
Other
Interests
Preferred
Stocks
Unfunded
Floating
Rate Loan
Interests
Assets/Liabilities
Opening balance, as of December 31, 2025
$ 1,695,564
$ 2
$ —
$ 15,400,997
$ —
(a)
$ 74,156
$ 321
Transfers into Level 3(b)
—
—
—
—
—
66,794
13,300
Transfers out of Level 3(c)
(580,022
)
—
—
(5,901,930
)
—
(74,156
)
(321
)
Accrued discounts/premiums
—
1,149
—
1,494
—
—
—
Net realized gain (loss)
226,014
—
—
(74,674
)
—
—
—
Net change in unrealized appreciation (depreciation)(d)(e)
(763,062
)
(98,634
)
(3,725
)
32,534
—
9,542
(39,815
)
Purchases
232,882
332,363
3,725
7,085,925
—
—
—
Sales
(322,314
)
—
—
(6,059,178
)
—
—
—
Closing balance, as of June 30, 2026
$ 489,062
$ 234,880
$ —
$ 10,485,168
$ —
$ 76,336
$ (26,515
)
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e)
$ (575,166
)
$ (98,634
)
$ (3,725
)
$ 979
$ —
$ 9,542
$ (39,816
)
 
 
Warrants
Total
Assets
Opening balance, as of December 31, 2025
$ —
(a)
$ 17,171,040
Transfers into Level 3(b)
—
80,094
Transfers out of Level 3(c)
—
(6,556,429
)
Accrued discounts/premiums
—
2,643
Net realized gain (loss)
—
151,340
Net change in unrealized appreciation (depreciation)(d)(e)
—
(863,160
)
Purchases
—
7,654,895
Sales
—
(6,381,492
)
Closing balance, as of June 30, 2026
$ —
(a)
$ 11,258,931
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e)
$ —
(a)
$ (706,820
)
 
(a)
Rounds to less than $1.
(b)
As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2026, the Fund used significant unobservable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy.
(c)
As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2026, the Fund used observable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy.
(d)
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(e)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026 is
generally due to investments no longer held or categorized as Level 3 at period end.
The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
Schedule of Investments
43
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
Golub Capital Partners CLO Ltd., Series 2024-74A,
Class D1, (3-mo. CME Term SOFR + 3.20%), 6.87%,
07/25/37(a)(b)
$
1,000
$ 1,000,393
Madison Park Funding LXIX Ltd., Series 2024-69A,
Class D1, (3-mo. CME Term SOFR + 3.35%), 7.02%,
07/25/37(a)(b)
 
1,000
993,319
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-
mo. CME Term SOFR + 2.65%), 6.32%, 01/05/38(a)(b)
 
1,000
1,003,720
Total Asset-Backed Securities — 0.8%
(Cost: $3,000,000)
2,997,432
 
 
 
 
Shares
 
Common Stocks
Financial Services(c) — 0.1%
Aimbridge Acquisition Co., Inc.
 
5,330
204,312
Labels Buyer LLC
 
164
15,060
 
 
219,372
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc.(c)
 
1,472
1,226
Hotels, Restaurants & Leisure — 0.0%
Fortrex Equity(c)(d)
 
6,425
96,375
Industrial Conglomerates — 0.0%
SVP Singer(c)
 
17,689
114,978
IT Services — 0.0%
Travelport LLC(c)(d)
 
269
184,039
Machinery — 0.1%
United Site Services, Inc.(c)(d)(e)
 
28,659
286,590
Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.(c)
 
2
1
Trading Companies & Distributors — 0.0%
TMK Hawk Midco Corp.(c)
 
23,534
47,069
Transportation Infrastructure — 0.0%
Incora Top Holdco LLC(c)(d)
 
14,432
100,302
Wireless Telecommunication Services — 0.1%
Altice France Lux 3(c)
 
10,219
201,322
Total Common Stocks — 0.3%
(Cost: $3,290,184)
1,251,274
 
 
 
Par
(000)
 
Corporate Bonds
Chemicals(b) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%,
07/01/28
$
11
10,994
WR Grace Holdings LLC, 5.63%, 08/15/29
 
388
364,678
 
 
375,672
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30(b)
 
249
202,910
Security
 
Par
(000)
Value
Diversified Telecommunication Services(b)(f) — 0.1%
Ligado Networks LLC, (15.50% PIK), 15.50%,
11/01/23(c)(e)
$
430
$ 189,396
Zayo Group Holdings, Inc.
 
(5.75% Cash and 0.50% PIK), 9.25%, 03/09/30
 
25
25,211
(7.13% Cash and 1.88% PIK), 13.75%, 09/09/30
 
207
203,906
 
 
418,513
Electric Utilities — 0.0%
Texas Competitive Electric Holdings Co. LLC, 5.03%,
11/10/21(c)(d)(e)
 
1,710
—
Hotels, Restaurants & Leisure — 0.1%
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 6.75%, 01/15/30(b)
 
441
432,489
Interactive Media & Services — 1.0%
Beignet Investor LLC, 6.58%, 05/30/49(b)
 
3,969
4,048,986
IT Services — 0.0%
CDK Steerco Coop, 8.00%, 06/15/29(d)
 
191
122,240
Pharmaceuticals — 0.3%
1261229 B.C. Ltd., 10.00%, 04/15/32(b)
 
1,265
1,281,238
Transportation Infrastructure — 0.0%
Incora Top Holdco LLC, 6.00%, 01/31/33(d)
 
322
89,617
Total Corporate Bonds — 1.7%
(Cost: $7,349,481)
6,971,665
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 Term Loan, 11.00%,
12/15/31(d)
 
66
—
IT Services — 0.2%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
 
839
795,186
Software — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
 
961
896,132
Total Fixed Rate Loan Interests — 0.4%
(Cost: $1,866,479)
1,691,318
Floating Rate Loan Interests(a)
Advertising Agencies — 0.2%
Outfront Media Capital LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
09/24/32
 
651
649,861
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
8.99%, 02/15/29
 
240
204,515
 
 
854,376
Aerospace & Defense — 4.5%
Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (6-
mo. CME Term SOFR at 0.75% Floor + 2.75%),
6.60%, 06/23/30
 
796
797,564
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/31/30
 
1,287
1,285,361
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-
mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.79%, 08/03/29
 
817
819,564
44
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
Cubic Corp.
 
2025 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.76%), 8.24%, 05/25/29
$
3,198
$ 218,537
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 3.51%), 7.18%, 05/25/29
 
470
32,130
Dynasty Acquisition Co., Inc.
 
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.64%, 10/31/31
 
2,214
2,218,235
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.64%, 10/31/31
 
845
846,950
Kaman Corp., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 5.67%, 02/26/32
 
383
382,591
Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at
0.75% Floor + 3.75%), 7.51%, 02/01/28
 
1,555
1,399,049
Propulsion BC Finco SARL, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.23%, 12/01/32
 
608
609,269
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
11/05/28
 
469
469,919
TransDigm, Inc.
 
2023 Term Loan J, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 02/28/31
 
4,355
4,355,753
2024 Term Loan L, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 01/19/32
 
891
891,469
2025 Term Loan K, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 03/22/30
 
116
115,926
2025 Term Loan M, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 08/19/32
 
2,715
2,714,813
2026 Term Loan N, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 02/13/33
 
952
951,848
 
 
18,108,978
Automobile Components — 2.5%
Allison Transmission, Inc., 2025 Incremental Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.38%, 01/02/33
 
900
898,063
Clarios Global LP
 
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.14%, 05/06/30
 
2,682
2,681,929
2026 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.14%, 01/28/32
 
1,425
1,424,840
Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
07/02/31
 
1,482
1,467,301
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.41%,
01/30/32
 
85
85,031
Gates Corp.
 
2022 Term Loan B4, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 11/16/29
 
258
257,208
2024 Term Loan B5, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 06/04/31
 
1,676
1,672,625
RealTruck Group, Inc.
 
2026 FLSO Tranche A Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.75%), 8.65%, 01/31/31
 
149
91,811
Security
 
Par
(000)
Value
Automobile Components (continued)
RealTruck Group, Inc. (continued)
 
2026 FLSO Tranche B Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 6.00%), 9.90%,
01/31/31
$
418
$ 259,740
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 5.10%), 8.74%, 11/17/28
 
1,178
1,172,110
 
 
10,010,658
Beverages — 0.5%
Naked Juice LLC
 
2025 FLFO Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.23%, 01/24/29
 
1,276
1,292,323
2025 FLSO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.08%, 01/24/29
 
439
291,375
2025 FLTO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.00%), 9.83%, 01/24/30
 
553
167,045
Sazerac Co., Inc., Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.63%,
07/09/32
 
421
420,341
 
 
2,171,084
Biotechnology — 0.9%
BioMarin Pharmaceutical, Inc., Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.43%,
04/27/33
 
722
721,639
Parexel International Corp., 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.14%, 12/12/31
 
3,049
3,049,357
 
 
3,770,996
Broadline Retail — 0.7%
Boots Group Finco LP, USD Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.92%,
08/30/32
 
1,081
1,084,269
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 8.39%, 03/15/30
 
1,597
1,605,319
 
 
2,689,588
Building Materials — 0.3%
CP Iris HoldCo I, Inc.
 
2025 Delayed Draw Term Loan, 0.00%, 10/27/32
 
4
3,659
2025 Term Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 4.00%), 7.64%, 10/27/32
 
1,376
1,305,211
 
 
1,308,870
Building Products — 4.9%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 05/13/29
 
99
99,277
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.64%,
09/08/32
 
3,267
3,266,336
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 5.25%), 8.89%, 07/08/30
 
1,018
891,929
EMRLD Borrower LP
 
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 08/04/31
 
1,658
1,655,172
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.25%), 5.92%, 05/31/30
 
2,918
2,913,836
Gibraltar Industries, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.87%,
02/02/33(d)
 
548
547,090
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.73%, 06/17/31
 
1,247
1,046,837
Schedule of Investments
45
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Products (continued)
Knife River Corp., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 03/08/32
$
219
$ 219,588
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 9.64%, 03/08/29
 
381
329,518
Quikrete Holdings, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR +
2.25%), 5.89%, 03/19/29
 
971
971,340
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 02/10/32
 
1,130
1,128,367
QXO Building Products, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
04/30/32
 
827
824,770
Standard Industries, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.39%,
09/22/28
 
499
499,004
White Cap Supply Holdings LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.89%, 10/19/29
 
3,235
3,227,815
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.98%, 08/05/31
 
2,360
2,127,216
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.00%), 5.76%, 10/04/28
 
111
111,409
 
 
19,859,504
Capital Markets — 5.5%
Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.75%,
11/01/30
 
531
532,813
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.63%, 02/15/31
 
2,032
1,962,217
Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.64%,
08/09/30
 
730
727,833
Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 6.64%,
11/25/32
 
1,032
1,007,036
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B7, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 5.48%, 12/20/29
 
983
982,859
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
11/25/31
 
1,229
1,190,627
Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 11/01/32
 
1,462
1,458,718
Citadel Securities Global Holdings LLC, 2026 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.66%, 06/10/33
 
2,334
2,327,972
Cogeco Financing 2 LP, 2023 Incremental Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.26%, 09/01/28
 
176
165,534
Focus Financial Partners LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 09/15/31
 
2,776
2,705,530
GTCR Everest Borrower LLC, 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.23%,
09/05/31
 
433
430,547
Hudson River Trading LLC, 2026 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 03/18/30
 
2,474
2,454,660
Security
 
Par
(000)
Value
Capital Markets (continued)
Jane Street Group LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.67%,
12/15/31
$
3,891
$ 3,853,001
Jump Financial LLC, 2025 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
02/26/32(d)
 
159
158,801
Jupiter Borrower, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.48%, 06/30/33
 
638
636,673
Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
07/30/32
 
1,716
1,691,251
 
 
22,286,072
Chemicals — 5.2%
BASF Coatings Ltd., USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.24%,
06/29/33
 
1,342
1,345,690
Chemours Co., 2025 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.14%,
10/15/32
 
2,050
2,043,986
Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 6.36%, 11/01/30
 
1,540
1,539,494
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 7.41%,
10/04/29
 
1,286
1,279,797
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.66%, 06/12/31
 
978
976,721
Element Solutions, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
12/18/30
 
1,955
1,954,686
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32
 
707
704,105
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 02/15/30
 
284
284,412
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
7.89%, 10/07/31
 
221
184,667
Lonza Group AG, USD Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.03%), 7.76%, 07/03/28
 
1,059
1,001,210
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/26/31(d)
 
712
711,986
Olympus Water U.S. Holding Corp.
 
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.00%), 6.73%, 06/20/31
 
1,989
1,984,266
2025 USD Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 11/03/32
 
1,437
1,434,997
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term
SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31
 
1,626
1,066,205
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.65%,
10/09/31
 
531
531,638
Solstice Advanced Materials, Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.41%,
10/29/32
 
744
746,790
SP Motion Holdco Ltd., USD Term Loan B, 06/24/33(g)
 
393
392,509
46
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 6.66%,
08/02/30
$
1,566
$ 1,556,498
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/19/32
 
1,342
1,335,997
 
 
21,075,654
Commercial Services & Supplies — 5.9%
Action Environmental Group, Inc., 2023 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.73%, 10/24/30
 
843
832,344
Allied Universal Holdco LLC, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.89%, 08/20/32
 
4,115
4,114,727
Anticimex International AB, 2025 USD Term Loan, (3-mo.
SOFR + 2.90%), 6.41%, 11/17/31
 
555
555,862
Aramark Services, Inc., 2025 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
06/22/30
 
1,065
1,064,378
Asplundh Tree Expert, LLC, 2026 5th Amendment Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 05/30/33
 
2,719
2,713,931
Citrin Cooperman Advisors LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.73%, 04/01/32
 
1,209
1,172,778
Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.50%), 5.14%, 10/08/32
 
476
476,799
Garda World Security Corp., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.51%,
02/01/29
 
820
817,745
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
06/02/31
 
1,552
1,474,208
Innio Holding, Inc., 2026 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
11/02/31
 
1,158
1,152,572
LABL, Inc., 2026 USD Interim New Money DIP Term
Loan, (3-mo. CME Term SOFR at 0.50% Floor +
6.75%), 10.43%, 12/02/26
 
24
24,529
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
03/11/32
 
2,092
2,086,758
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.42%,
12/31/32
 
367
366,714
Packers Holdings LLC, 2025 Takeback Term Loan, (1-
mo. CME Term SOFR at 1.00% Floor + 1.00%),
4.74%, 03/10/31
 
82
77,829
PG Investment Co. 59 SARL, 2025 Repriced Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.73%, 03/26/31
 
1,782
1,779,836
Prime Security Services Borrower LLC
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.62%, 10/13/30
 
282
280,037
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.37%, 03/07/32
 
1,373
1,350,435
Reworld Holding Corp.
 
2025 1st Lien Term Loan C, (1-mo. CME Term SOFR
at 0.50% Floor + 2.25%), 5.89%, 01/15/31
 
144
143,453
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Reworld Holding Corp. (continued)
 
2025 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.89%, 01/15/31
$
884
$ 882,787
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 5.90%, 11/30/28
 
887
886,433
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 01/30/31
 
1,621
1,618,405
 
 
23,872,560
Communications Equipment — 0.0%
Radiate Holdco LLC
 
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29
 
31
30,908
2025 Term Loan, (1-mo. CME Term SOFR at 1.00%
Floor + 4.00%), 7.64%, 06/26/29
 
31
30,909
 
 
61,817
Construction & Engineering — 1.5%
Azuria Water Solutions, Inc.
 
2026 Delayed Draw Term Loan, 0.00%, 04/25/33
 
15
15,007
2026 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 6.48%, 04/25/33
 
1,192
1,187,946
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.16%, 08/01/30
 
1,751
1,365,509
Construction Partners, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/03/31
 
1,112
1,110,438
Dycom Investments, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
01/27/33
 
625
625,194
Legence Holdings LLC, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 5.64%,
12/16/31
 
1,650
1,644,614
 
 
5,948,708
Consumer Discretionary — 0.2%
Element Materials Technology Group U.S. Holdings, Inc.,
2022 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.50%), 7.23%, 07/06/29
 
616
618,109
Consumer Staples Distribution & Retail — 1.1%
BCPE Empire Holdings, Inc., 2026 10th Amendment
Term Loan, (1-mo. CME Term SOFR + 3.50%),
7.14%, 12/29/32
 
2,116
2,087,495
EG America LLC, 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.92%, 02/10/31
 
1,865
1,869,663
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.39%,
10/03/31
 
616
619,465
 
 
4,576,623
Containers & Packaging — 3.8%
Charter Next Generation, Inc., 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%),
6.11%, 11/29/30
 
2,442
2,441,725
Clydesdale Acquisition Holdings, Inc.
 
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 3.25%), 6.89%, 04/01/32
 
1,628
1,562,959
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.18%), 6.82%, 04/13/29
 
175
171,698
Schedule of Investments
47
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Colossus Acquireco LLC, 2026 Term Loan B, (3-mo.
SOFR + 1.75%), 5.37%, 01/31/33
$
2,824
$ 2,803,540
Graham Packaging Co., Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.89%,
01/26/33
 
1,148
1,148,478
Mauser Packaging Solutions Holding Co., 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.12%, 04/15/30
 
1,235
1,216,475
Multi-Color Corp., 2026 USD PIK Takeback Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.38%),
6.11%, 05/11/33
 
805
688,272
Potters Industries LLC, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 12/23/32
 
595
595,253
Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.39%,
02/01/29
 
1,075
1,077,836
Proampac PG Borrower LLC, 2026 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.66%, 03/07/33
 
901
884,592
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 03/04/32
 
1,088
1,090,261
Ring Container Technologies Group LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.14%, 09/15/32
 
969
969,743
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 7.48%,
09/15/28
 
739
706,905
 
 
15,357,737
Distributors — 1.9%
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.39%, 01/31/31
 
1,585
1,584,973
Core & Main LP
 
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 5.66%, 07/27/28
 
3,403
3,401,033
2024 Term Loan E, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 5.66%, 02/09/31
 
773
773,291
QXO Building Products, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
07/01/33
 
1,880
1,874,774
 
 
7,634,071
Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
5.39%, 08/23/32
 
1,016
1,014,845
Diversified REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 05/20/30
 
479
479,100
Diversified Telecommunication Services — 1.7%
Level 3 Financing, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.39%,
03/29/32
 
3,115
3,114,035
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Sunrise Financing Partnership, Term Loan AAA, (6-mo.
CME Term SOFR at 0.00% Floor + 2.47%), 6.10%,
02/15/32
$
433
$ 426,739
Virgin Media Bristol LLC, 2023 USD Term Loan Y, (6-mo.
CME Term SOFR at 0.00% Floor + 3.18%), 6.97%,
03/31/31
 
988
873,058
Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.11% and 0.50%
PIK), 7.26%, 03/11/30(f)
 
2,340
2,338,899
 
 
6,752,731
Electric Utilities — 1.3%
Alpha Generation LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 09/30/31
 
814
805,150
NRG Energy, Inc.
 
2024 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.42%, 04/16/31
 
2,833
2,828,954
2026 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 04/28/33
 
316
315,575
Pathfinder Power LLC, Term Loan B, 06/22/33(g)
 
756
754,110
Talen Energy Supply LLC, 2024-1 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 12/15/31
 
659
655,118
 
 
5,358,907
Electronic Equipment, Instruments & Components — 0.9%
Belden, Inc., Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 07/01/33(d)
 
1,106
1,106,000
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 06/20/31(d)
 
435
434,032
Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 07/02/29
 
851
848,640
CoorsTek, Inc., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 10/28/32
 
454
454,148
Sanmina Corp., 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 10/27/32(d)
 
794
794,993
 
 
3,637,813
Energy Equipment & Services — 0.1%
Deep Blue Operating I LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.90%,
10/01/32
 
431
431,730
Entertainment — 4.5%
Creative Artists Agency LLC, 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 10/01/31
 
2,035
2,033,852
Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.48%,
09/30/31
 
2,501
2,498,731
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.37%,
03/04/32
 
1,672
1,667,825
Electronic Arts, Inc., USD Term Loan B, 03/24/33(g)
 
3,280
3,287,052
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.39%, 03/24/32
 
2,731
2,729,641
Live Nation Entertainment, Inc., 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.64%, 10/21/32
 
1,410
1,408,153
48
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Entertainment (continued)
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
11/12/29
$
1,510
$ 1,283,020
TKO Worldwide Holdings LLC, 2026 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.41%, 11/21/31
 
3,340
3,327,196
 
 
18,235,470
Environmental, Maintenance & Security Service — 0.2%
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
10/17/30
 
673
672,504
Reworld Holding Corp., 2025 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.25%),
5.90%, 01/15/31
 
320
319,663
 
 
992,167
Financial Services — 4.3%
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.89%, 12/21/28
 
1,578
1,578,285
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.63%,
05/21/31
 
1,690
1,691,221
Apex Group Treasury LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.15%, 02/27/32
 
1,714
1,618,403
APi Group DE, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
05/16/33
 
2,713
2,706,811
CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
05/19/31
 
3,162
3,147,547
Gryphon Acquire NewCo LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.41%,
09/13/32
 
834
834,210
ITT Holdings LLC, 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.98%), 5.71%, 10/11/30
 
409
408,166
LBM Acquisition LLC, 2024 Incremental Term Loan B,
(1-mo. CME Term SOFR at 0.75% Floor + 3.75%),
7.50%, 06/06/31
 
696
581,909
NEXUS Buyer LLC
 
2025 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 7.64%, 07/31/31
 
902
870,655
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.50%), 7.23%, 07/31/31
 
130
125,067
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.17%,
10/08/32
 
997
996,283
Sotera Health Holdings LLC, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.89%,
05/30/31
 
2,069
2,068,501
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.14%,
10/16/31
 
100
100,034
WEX, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.39%, 03/31/28
 
310
309,599
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 03/05/32
 
400
398,250
 
 
17,434,941
Security
 
Par
(000)
Value
Food Products — 1.8%
Chobani LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.89%, 10/28/32
$
3,571
$ 3,576,162
Froneri U.S., Inc.
 
2024 USD Term Loan B4, (6-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.88%, 09/30/31
 
1,756
1,742,591
2025 USD Term Loan B6, (6-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.13%, 09/30/32
 
513
509,370
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 6.50%), 10.23%,
03/29/30
 
149
149,703
Treehouse Foods, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 7.89%,
02/11/33
 
851
852,642
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.14%,
01/29/32
 
328
327,553
Wellness Pet LLC, 2025 Second Out Exchange Term
Loan, (3-mo. CME Term SOFR at 0.75% Floor +
3.75%), 7.74%, 12/31/29
 
145
26,591
 
 
7,184,612
Gas Utilities — 0.7%
BIP PipeCo Holdings LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
12/06/30
 
369
368,031
M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 04/01/32
 
459
459,842
NGL Energy Partners LP, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.13%,
03/11/33
 
575
577,307
Traverse Midstream Partners LLC, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.04%, 04/21/33
 
353
352,559
Venture Global Calcasieu Pass LLC, 2026 Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.95%, 04/11/33
 
983
984,779
 
 
2,742,518
Ground Transportation — 1.1%
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
04/10/31
 
3,165
3,149,601
Hertz Corp.
 
2021 Term Loan B, (3-mo. CME Term SOFR +
3.76%), 7.43%, 06/30/28
 
960
676,538
2021 Term Loan C, (3-mo. CME Term SOFR +
3.76%), 7.43%, 06/30/28
 
190
134,212
PODS LLC, 2026 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 4.50%), 8.13%, 05/14/31
 
636
617,836
 
 
4,578,187
Health Care Equipment & Supplies — 2.1%
Bausch & Lomb Corp., 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.39%,
01/15/31
 
2,621
2,624,187
Hopper Merger Sub, Inc., 2026 USD Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.99%, 04/07/33
 
4,656
4,552,218
Schedule of Investments
49
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Equipment & Supplies (continued)
McKesson Medical-Surgical Top Holdings, Inc., Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.98%, 06/09/32
$
639
$ 638,469
QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 7.64%, 08/20/32
 
690
678,280
 
 
8,493,154
Health Care Providers & Services — 3.8%
AHP Health Partners, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.89%,
09/20/32
 
175
175,763
CCRR Parent, Inc., 2026 Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 5.25%), 8.91%, 05/27/32
 
258
179,956
Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.14%,
06/30/31
 
549
548,017
CHG Healthcare Services, Inc., 2026 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.66%, 09/29/31
 
987
987,379
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 5.91%,
11/08/32
 
1,240
1,240,130
Concentra Health Services, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.64%, 07/26/31
 
571
571,325
DaVita, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.39%, 05/09/31
 
553
551,483
Examworks Bidco, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.14%,
02/06/33
 
1,071
1,071,318
EyeCare Partners LLC, 2024 Third Out Term Loan C,
0.00%, 11/30/28(c)(e)
 
55
8,918
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
 
544
544,074
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.42%,
05/19/31
 
1,678
1,650,994
Medical Solutions Holdings, Inc.
 
2026 Class A-1 First Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 5.25%), 9.17%,
11/01/30
 
139
100,864
2026 Class A-2 First Out Term Loan, 11/01/30(g)
 
319
231,417
2026 Exchange FLSO Term Loan, 11/01/30(g)
 
512
105,013
2026 Exchange FLTO Term Loan, 11/03/31(g)
 
440
52,807
Medline Borrower LP, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 1.50%), 5.14%,
05/30/33
 
2,744
2,725,501
Option Care Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.39%,
09/22/32
 
1,355
1,355,909
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.64%,
11/19/31
 
521
513,856
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 7.73%, 09/27/30
 
1,069
1,069,889
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.14%,
12/19/30
$
1,266
$ 1,266,083
Team Health Holdings, Inc., 2026 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.66%, 06/30/28
 
440
439,571
 
 
15,390,267
Health Care Technology — 1.6%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.39%,
02/15/29
 
1,571
1,566,753
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR +
2.75%), 6.37%, 05/01/31
 
1,859
1,697,552
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.00%), 7.83%,
10/01/27
 
522
513,501
PointClickCare Technologies, Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.41%, 11/03/31
 
653
650,119
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.26%), 7.93%,
06/02/28
 
1,708
1,477,508
Waystar Technologies, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
10/22/29(d)
 
549
547,344
 
 
6,452,777
Hotels, Restaurants & Leisure — 8.4%
Aimbridge Acquisition Co., Inc.
 
2025 1st Lien Second Out Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 7.61%), 11.25%,
03/11/30
 
192
185,085
2025 First Out Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 5.61%), 9.25%, 03/11/30
 
204
197,314
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.14%,
05/31/30
 
995
993,395
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
09/20/30
 
1,659
1,655,332
Caesars Entertainment, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.89%, 02/06/31
 
2,809
2,692,579
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 5.89%, 02/06/30
 
1,365
1,316,679
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.11%,
12/02/31
 
743
743,888
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 6.89%,
01/27/29
 
2,599
2,594,863
Flutter Financing BV
 
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.48%, 11/30/30
 
3,469
3,433,492
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 5.73%, 06/04/32
 
870
864,935
Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.39%,
09/22/32
 
3,091
3,106,338
Gaia Purchaser, Inc., Term Loan B, 06/25/33(d)(g)
 
617
616,229
50
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Great Canadian Gaming Corp., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 4.75%),
8.43%, 11/01/29
$
767
$ 754,907
GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032),
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.98%, 07/31/32
 
303
302,194
Herschend Entertainment Co. LLC, 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 05/27/32
 
869
869,467
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 5.40%, 11/08/30
 
767
768,089
IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.14%, 12/16/30
 
1,275
1,274,716
Light & Wonder International, Inc., 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.64%, 04/16/29
 
1,108
1,107,771
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 7.98%, 08/01/30
 
569
541,004
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 5.64%,
05/30/33
 
865
862,720
Pioneer Opco LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.89%, 05/16/33
 
1,146
1,149,484
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.67%, 04/04/29
 
823
810,254
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.64%, 12/04/31
 
754
747,364
Six Flags Entertainment Corp., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.64%, 05/01/31
 
330
326,802
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.64%,
03/14/31
 
1,928
1,926,223
TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.98%, 12/30/32
 
850
833,000
Voyager Parent LLC, Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.98%,
07/01/32
 
995
995,201
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.14%,
08/03/28
 
713
712,278
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 05/24/30
 
1,333
1,332,896
 
 
33,714,499
Household Durables — 1.0%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
01/20/32
 
1,795
1,790,937
Madison Safety & Flow LLC, 2025 1st Lien Term Loan B,
(Prime + 1.50%), 8.25%, 09/26/31
 
424
424,512
Somnigroup International, Inc., Term Loan B, (1-mo.
SOFR + 2.25%), 5.87%, 10/24/31
 
390
391,256
Security
 
Par
(000)
Value
Household Durables (continued)
Springs Windows Fashions LLC, 2024 FLFO Delayed
Draw Term Loan, (1-mo. CME Term SOFR at 1.00%
Floor + 4.50%), 8.14%, 12/19/29
$
107
$ 105,570
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo.
CME Term SOFR at 1.00% Floor + 4.50%), 8.14%,
12/19/29
 
80
79,177
Weber-Stephen Products LLC, 2025 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.44%, 10/01/32
 
1,258
1,241,005
 
 
4,032,457
Household Products — 0.2%
Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 6.98%,
12/30/32
 
863
852,960
Independent Power and Renewable Electricity Producers — 1.0%
Calpine Construction Finance Co. LP, 2025 Repriced
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 1.75%), 5.39%, 07/31/30
 
1,968
1,965,062
Constellation Renewables LLC, 2020 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 2.00%), 5.67%,
12/15/27
 
903
899,817
Talen Energy Supply LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/26/32
 
1,195
1,184,147
 
 
4,049,026
Industrial Conglomerates — 2.2%
ACI Rover Parent LLC, 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/09/33
 
745
742,951
Beach Acquisition Bidco LLC, USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
09/12/32
 
588
590,360
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.93%, 03/27/31
 
414
415,627
FCG Acquisitions, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.89%,
03/04/33
 
161
161,075
Heritage Environmental Services, Inc., 2026 Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.64%, 04/01/33(d)
 
355
356,331
LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.62%, 12/02/31
 
524
525,299
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.18%, 10/01/32
 
771
771,892
Resideo Funding, Inc., 2025 Incremental Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.67%, 08/13/32
 
925
924,622
Resilience Parent LLC, 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
02/28/33
 
1,829
1,824,610
Schedule of Investments
51
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Industrial Conglomerates (continued)
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo.
CME Term SOFR + 7.50%), 11.49%, 12/31/29
$
254
$ 220,105
Sword Purchaser LLC, USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.64%,
04/11/33
 
2,210
2,152,341
 
 
8,685,213
Insurance — 6.7%
Alliant Holdings Intermediate LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 09/19/31
 
5,429
5,351,441
AmWINS Group, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 5.73%,
01/30/32
 
2,494
2,436,533
Amynta Agency Borrower, Inc., 2026 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 12/29/31
 
2,107
2,076,258
Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30
 
1,567
1,548,577
HUB International Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.92%,
06/20/30
 
3,221
3,215,954
Hyperion Insurance Group Ltd., 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.48%, 04/18/30
 
210
197,558
Hyperion Refinance SARL, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.39%, 02/15/31
 
1,974
1,848,925
Jones DesLauriers Insurance Management Inc.,
2026 Repriced Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 6.66%, 02/02/33
 
2,075
1,982,042
OneDigital Borrower LLC, 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.64%, 07/02/31
 
197
190,538
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
09/15/31
 
1,108
1,104,706
Truist Insurance Holdings LLC, 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.48%, 05/06/31
 
2,378
2,318,893
USI, Inc.
 
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.98%, 09/29/30
 
1,700
1,691,236
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.98%, 11/21/29
 
3,055
3,042,948
 
 
27,005,609
Interactive Media & Services — 0.1%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 6.39%, 01/31/31
 
502
460,552
IT Services — 5.1%
Asurion LLC
 
2021 Second Lien Term Loan B4, (3-mo. CME Term
SOFR + 5.25%), 9.18%, 01/20/29
 
418
412,990
2023 Term Loan B11, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.01%, 08/19/28
 
115
114,386
2024 Term Loan B12, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 7.91%, 09/19/30
 
401
396,162
2026 Term Loan B14, (3-mo. CME Term SOFR at
0.00% Floor + 3.75%), 7.41%, 02/23/33
 
630
594,563
Security
 
Par
(000)
Value
IT Services (continued)
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.16%,
08/15/29
$
758
$ 512,154
Central Parent Inc., 2026 CoOp Steerco Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.98%, 07/06/29
 
2,034
1,314,234
CoreWeave Financing DDTL V LLC, Delayed Draw Term
Loan, (1-mo. SOFR + 4.50%), 8.12%, 11/17/31
 
447
456,359
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME
Term SOFR at 0.75% Floor + 2.75%), 6.39%,
05/30/31
 
2,188
2,086,606
Galileo Parent, Inc., 1st Lien Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.12%,
03/03/33
 
661
662,652
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 09/12/29
 
1,979
1,952,953
Go Daddy Operating Co. LLC, 2024 Term Loan B8, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 11/09/29
 
1,148
1,121,910
ION Platform Finance U.S., Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.48%,
10/07/32
 
2,329
1,652,083
Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.73%,
01/31/31
 
549
547,088
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
03/01/29
 
1,368
1,210,333
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.91%, 07/01/31
 
666
614,278
Ping Identity Corp., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.38%, 11/15/32
 
482
468,745
Project Boost Purchaser LLC, 2025 Refinancing Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.48%, 07/16/31
 
898
873,362
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/31/28
 
2,123
2,045,618
Sedgwick Claims Management Services, Inc., 2023 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 07/31/31
 
2,588
2,554,039
Shift4 Payments LLC, 2025 Repriced Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.73%, 07/03/32
 
938
934,120
 
 
20,524,635
Leisure Products — 0.4%
Bombardier Recreational Products, Inc., 2024 Term Loan
B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.89%, 01/22/31
 
480
478,764
City Football Group Ltd., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.26%), 6.93%,
07/22/30
 
1,149
1,143,471
 
 
1,622,235
Machinery — 4.7%
AI Aqua Merger Sub, Inc.
 
2026 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.50%), 6.14%, 07/31/28
 
1,727
1,724,175
2026 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.15%, 07/02/33
 
2,738
2,734,933
52
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Machinery (continued)
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.18%,
03/15/30
$
488
$ 487,319
Columbus McKinnon Corp., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.23%,
02/03/33
 
1,155
1,151,875
CompoSecure Holdings LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.92%,
01/14/33
 
1,778
1,766,194
ESCO Technologies, Inc., Term Loan B, 06/11/33(d)(g)
 
484
482,790
Filtration Group Corp., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.14%,
10/21/28
 
1,985
1,984,854
Hayward Industries, Inc., 2026 Term Loan B, 06/23/33(g)
 
344
344,548
Indicor LLC, 2026 USD Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 11/22/29
 
766
765,415
LSF12 Helix Parent LLC, USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.14%,
02/10/33
 
1,305
1,279,485
Madison IAQ LLC, 2026 Term Loan B, (6-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.47%, 05/06/32
 
610
608,414
PECF USS Intermediate Holding III Corp., 2026 Term
Loan, (3-mo. CME Term SOFR at 2.00% Floor +
7.50%), 11.18%, 03/03/33
 
122
116,218
Tega MC Australia Holdings Pty. Ltd., Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.16%, 06/01/33
 
526
528,304
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B,
(6-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.38%, 04/30/30
 
2,820
2,830,283
WEC U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.62%,
01/27/31
 
2,254
2,251,284
 
 
19,056,091
Media — 2.8%
Altice France SA, 2025 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 6.88%), 10.55%,
05/31/31
 
1,709
1,741,395
Charter Communications Operating LLC
 
2023 Term Loan B4, (3-mo. CME Term SOFR at
0.00% Floor + 2.00%), 5.69%, 12/07/30
 
452
446,255
2024 Term Loan B5, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.94%, 12/15/31
 
312
306,589
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
7.76%, 08/23/28
 
717
716,026
CSC Holdings LLC, 2019 Term Loan B5, (Prime +
1.50%), 8.25%, 04/15/27
 
1,803
1,261,771
Discovery Global Holdings, Inc., 2026 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 06/03/33
 
1,424
1,423,949
ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.64%,
08/30/30
 
1,043
1,043,151
Security
 
Par
(000)
Value
Media (continued)
NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.14%, 10/17/31
$
1,258
$ 1,182,054
Nexstar Broadcasting, Inc., 2026 Term Loan B7, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
03/18/33
 
621
614,115
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 5.23% and 1.50%
PIK), 10.26%, 09/25/29(f)
 
2,351
2,112,766
Telenet Financing USD LLC, 2020 USD Term Loan AR,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.74%, 04/28/28
 
420
416,430
 
 
11,264,501
Metals & Mining — 0.3%
Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.43%,
02/26/32
 
1,190
1,183,321
Multi-Utilities — 0.6%
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.16%, 03/03/32
 
2,324
2,322,974
Oil, Gas & Consumable Fuels — 1.3%
Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term
SOFR + 3.00%), 6.69%, 09/29/32
 
405
405,977
Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
11/22/32
 
450
450,733
Freeport LNG Investments LLLP, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.93%, 02/11/33
 
1,455
1,456,295
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 02/11/30
 
665
664,176
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
09/22/32
 
414
413,793
Murphy USA, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.37%, 04/07/32
 
290
291,871
TransMontaigne Partners LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.89%,
03/16/30
 
442
442,096
Whitewater Matterhorn Holdings LLC, 2026 Term Loan
B, (3-mo. CME Term SOFR + 1.75%), 5.50%,
06/16/32
 
935
927,879
 
 
5,052,820
Passenger Airlines — 1.9%
AAdvantage Loyalty IP Ltd., 2025 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.93%,
04/20/28
 
1,234
1,231,986
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.41%, 03/21/31
 
1,405
1,399,533
American Airlines, Inc.
 
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.91%, 06/04/29
 
1,211
1,189,451
2026 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 6.67%, 05/29/33
 
940
927,470
Schedule of Investments
53
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Passenger Airlines (continued)
AS Mileage Plan IP Ltd., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.65%,
05/12/33
$
687
$ 683,998
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.75%), 8.43%,
08/27/29
 
1,213
1,076,386
United Airlines, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
02/22/31
 
1,170
1,165,447
 
 
7,674,271
Pharmaceuticals — 1.7%
Amneal Pharmaceuticals LLC, 2026 Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
08/01/32
 
1,731
1,736,150
Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.37%,
10/31/32
 
415
415,286
Endo Finance Holdings LP, 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.39%, 04/23/31
 
470
469,989
Grifols International Services USA, Inc., 2026 USD Term
Loan B, (6-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.19%, 04/14/33
 
1,322
1,324,331
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
5.89%, 05/05/28
 
1,730
1,733,549
Opal US LLC, 2026 USD Term Loan B, 04/28/32(g)
 
410
409,451
Perrigo Investments LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
04/20/29
 
651
648,191
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
 
135
135,557
 
 
6,872,504
Professional Services — 2.3%
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.64%,
08/12/32
 
779
773,609
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.26%, 06/02/28
 
1,550
1,530,410
Corpay Technologies Operating Co. LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 11/05/32
 
1,387
1,383,004
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR + 0.50% and 3.25% PIK), 8.91%, 07/31/30(f)
 
475
433,594
Trans Union LLC
 
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.39%, 06/24/31
 
1,790
1,784,721
2024 Term Loan B9, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 06/24/31
 
850
847,335
Zelis Payments Buyer, Inc.
 
5th Amendment Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.89%, 11/26/31
 
1,646
1,604,622
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
6.39%, 09/28/29
 
867
846,036
 
 
9,203,331
Security
 
Par
(000)
Value
Real Estate Management & Development — 0.2%
Cushman & Wakefield U.S. Borrower LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 5.89%, 06/13/33(d)
$
717
$ 715,208
Semiconductors & Semiconductor Equipment — 0.6%
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 07/06/29
 
328
329,420
Qnity Electronics, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 5.67%, 11/01/32
 
2,025
2,026,910
 
 
2,356,330
Software — 7.7%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
02/24/31
 
2,037
1,998,864
Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.23%, 03/26/32
 
963
920,063
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.42%,
07/30/31
 
2,776
2,492,502
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
06/17/30
 
558
532,640
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 5.64%,
01/23/32
 
528
519,785
Cloud Software Group, Inc.
 
2025 Term Loan B (2031), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 03/21/31
 
2,834
2,476,464
2025 Term Loan B (2032), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 08/13/32
 
2,586
2,229,609
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.75%), 7.49%, 10/08/28
 
582
449,113
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 7.38%, 12/09/31
 
1,401
1,335,620
CoreLogic, Inc., 2nd Lien Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 6.61%), 10.26%, 06/04/29
 
441
432,791
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.25%), 6.93%, 10/09/31
 
639
581,206
Dayforce, Inc., 2026 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.66%, 02/04/33
 
2,055
1,867,194
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 4.25%), 7.98%, 06/26/31
 
548
520,884
Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.14%, 10/09/29
 
1,773
1,707,285
Genesys Cloud Services, Inc., 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 01/30/32
 
1,712
1,636,821
Kaseya, Inc., 2025 1st Lien Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.91%,
03/22/32
 
2,667
2,052,011
MH Sub I LLC, 2024 Term Loan B4, (1-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 7.89%, 12/31/31
 
572
494,337
Mitchell International, Inc., 2024 2nd Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 5.25%),
8.89%, 06/17/32
 
391
356,736
MKS Instruments, Inc., 2026 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.36%,
02/04/33
 
1,018
1,019,844
54
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/28/30
$
772
$ 643,172
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.00%), 6.99%, 04/24/28
 
1,425
1,329,958
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
05/09/31
 
1,654
1,650,527
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 5.91%, 02/10/31
 
2,348
2,206,941
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.91%, 04/12/31
 
1,630
1,562,576
 
 
31,016,943
Specialty Retail — 1.9%
Belron Finance 2019 LLC, 2026 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.66%, 10/16/31
 
2,935
2,931,215
LS Group OpCo Acquistion LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 04/23/31
 
1,026
1,021,224
Mavis Tire Express Services Topco Corp., 2025 Repriced
Term Loan, (6-mo. CME Term SOFR at 0.75% Floor +
3.00%), 6.67%, 05/04/28
 
1,912
1,907,321
Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/14/32
 
293
293,204
Project Aurora US Finco, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
12/06/32
 
209
209,646
Pye-Barker Fire & Safety LLC
 
2025 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32
 
23
22,611
2025 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.23%, 12/16/32
 
963
964,294
Restoration Hardware, Inc., 2022 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.25%), 6.99%, 10/20/28
 
271
266,016
 
 
7,615,531
Technology Hardware, Storage & Peripherals — 0.6%
Finastra USA, Inc., 2025 USD Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.75%,
09/15/32
 
2,515
2,310,460
Textiles, Apparel & Luxury Goods — 0.1%
ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw
Term Loan, (1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.89%, 02/13/32
 
572
571,209
Tobacco — 0.0%
Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.66%, 02/19/32
 
53
52,851
Trading Companies & Distributors — 0.5%
Core & Main LP, 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%, 07/01/33(d)
 
1,201
1,197,998
Security
 
Par
(000)
Value
Trading Companies & Distributors (continued)
Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.38%,
06/02/32
$
267
$ 266,660
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 1.00% Floor + 4.00%), 7.64%,
07/02/29
 
1,086
535,053
 
 
1,999,711
Transportation Infrastructure — 1.4%
AIT Worldwide Logistics, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.91%,
04/29/33
 
696
695,833
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 09/23/31
 
2,735
2,736,192
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.25%), 9.99%, 12/15/26
 
816
809,790
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.73%, 03/18/30
 
1,222
1,217,246
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 8.00%), 11.64%,
08/20/29
 
836
329,080
 
 
5,788,141
Wireless Telecommunication Services — 0.8%
Digicel International Finance Ltd., 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.23%, 08/06/32
 
448
450,485
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
01/25/31
 
1,497
1,497,878
Windstream Services LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.00%), 7.64%,
10/06/32(d)
 
1,122
1,126,972
 
 
3,075,335
Total Floating Rate Loan Interests — 118.6%
(Cost: $490,578,235)
478,463,342
 
 
 
 
Shares
 
Investment Companies
Capital Markets — 0.5%
Janus Henderson AAA CLO ETF
 
40,000
2,019,600
Equity Funds — 4.4%
H-Food Holdings LLC(c)
 
9,223
159,097
Invesco Senior Loan ETF
 
584,300
11,902,190
State Street Blackstone Senior Loan ETF
 
140,000
5,640,600
 
 
17,701,887
Fixed Income Funds — 0.5%
iShares 0-5 Year Investment Grade Corporate Bond
ETF(h)
 
40,000
2,014,800
Total Investment Companies — 5.4%
(Cost: $22,262,007)
21,736,287
Schedule of Investments
55
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Preferred Securities
Preferred Stocks — 0.1%(c)
Financial Services — 0.1%
Labels Buyer LLC, 12.00%
 
282
$ 231,240
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc., 07/21/30(d)
 
338
67,656
Health Care Providers & Services — 0.0%
Ingenovis Health, Inc., 12/31/79
 
25,584
96,976
IT Services — 0.0%
Veritas Newco
 
Series G, 12/31/49
 
1,814
36,268
Series G-1, 12/31/49
 
1,252
24,418
 
 
60,686
 
456,558
Total Preferred Securities — 0.1%
(Cost: $558,303)
456,558
Warrants
Financial Services(c) — 0.0%
Labels Buyer LLC
 
245
612
Service King (Carnelian Point), (Exercisable 01/14/23,
1 Share for 1 Warrant, Expires 06/30/27, Strike Price
USD 10.00)
 
1,895
—
 
 
612
Total Warrants — 0.0%
(Cost: $ — )
612
Total Long-Term Investments — 127.3%
(Cost: $528,904,689)
513,568,488
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.54%(h)(i)
 
2,046,587
$    2,046,587
Total Short-Term Securities — 0.5%
(Cost: $2,046,587)
2,046,587
Total Investments — 127.8%
(Cost: $530,951,276)
515,615,075
Liabilities in Excess of Other Assets — (27.8)%
(112,196,990
)
Net Assets — 100.0%
$  403,418,085
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Non-income producing security.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Issuer filed for bankruptcy and/or is in default.
(f)
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or
in cash. Rates shown are the current rate and possible payment rates.
(g)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(h)
Affiliate of the Fund.
(i)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ —
$ 2,046,587
(a)
$ —
$ —
$ —
$ 2,046,587
2,046,587
$ 10,659
$ —
iShares 0-5 Year High Yield Corporate Bond ETF(b)
214,350
—
(213,500
)
9,119
(9,969
)
—
—
1,246
—
iShares 0-5 Year Investment Grade Corporate Bond ETF
—
2,014,600
—
—
200
2,014,800
40,000
22,142
—
 
$ 9,119
$ (9,769
)
$ 4,061,387
$ 34,047
$ —
 
(a)
Represents net amount purchased (sold).
(b)
As of period end, the entity is no longer held.
56
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts 
10-Year U.S. Ultra Long Treasury Note
10
09/21/26
$ 1,123
$ (13,882
)
U.S. Long Bond
6
09/21/26
678
(16,118
)
 
$ (30,000
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
200,558
EUR
172,000
Wells Fargo Bank N.A.
09/16/26
$ 3,410
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
$ —
$ —
$ —
$ 3,410
$ —
$ —
$ 3,410
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 30,000
$ —
$ 30,000
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ —
$ —
$ 66,563
$ —
$ 66,563
Forward foreign currency exchange contracts
—
—
—
5,373
—
—
5,373
 
$ —
$ —
$ —
$ 5,373
$ 66,563
$ —
$ 71,936
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ (43,528
)
$ —
$ (43,528
)
Forward foreign currency exchange contracts
—
—
—
3,410
—
—
3,410
 
$ —
$ —
$ —
$ 3,410
$ (43,528
)
$ —
$ (40,118
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — short
$1,865,469
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
199,488
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
57
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 12,344
$ —
Forward foreign currency exchange contracts
3,410
—
Total derivative assets and liabilities in the Statements of Assets and Liabilities
15,754
—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(12,344
)
—
Total derivative assets and liabilities subject to an MNA
$ 3,410
$ —
The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset
Non-Cash
Collateral
Received(a)
Cash
Collateral
Received(a)
Net Amount
of Derivative
Assets(b)
Wells Fargo Bank N.A.
$ 3,410
$ —
$ —
$ —
$ 3,410
 
(a)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 2,997,432
$ —
$ 2,997,432
Common Stocks 
Financial Services
—
219,372
—
219,372
Ground Transportation
—
1,226
—
1,226
Hotels, Restaurants & Leisure
—
—
96,375
96,375
Industrial Conglomerates
—
114,978
—
114,978
IT Services
—
—
184,039
184,039
Machinery
—
—
286,590
286,590
Semiconductors & Semiconductor Equipment
1
—
—
1
Trading Companies & Distributors
—
47,069
—
47,069
Transportation Infrastructure
—
—
100,302
100,302
Wireless Telecommunication Services
—
201,322
—
201,322
Corporate Bonds
—
6,759,808
211,857
6,971,665
Fixed Rate Loan Interests
—
1,691,318
—
1,691,318
Floating Rate Loan Interests
—
469,667,568
8,795,774
478,463,342
Investment Companies 
Capital Markets
2,019,600
—
—
2,019,600
Equity Funds
17,542,790
159,097
—
17,701,887
Fixed Income Funds
2,014,800
—
—
2,014,800
Preferred Securities
Preferred Stocks
—
388,902
67,656
456,558
Warrants
—
612
—
612
58
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Short-Term Securities 
Money Market Funds
$ 2,046,587
$ —
$ —
$ 2,046,587
Unfunded Floating Rate Loan Interests(a)
—
24,542
—
24,542
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(2,819
)
(21,856
)
(24,675
)
 
$23,623,778
$482,270,427
$9,720,737
$515,614,942
Derivative Financial Instruments(b)
Assets 
Foreign Currency Exchange Contracts
$ —
$ 3,410
$ —
$ 3,410
Liabilities 
Interest Rate Contracts
(30,000
)
—
—
(30,000
)
 
$(30,000
)
$3,410
$—
$(26,590
)
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $94,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Corporate
Bonds
Fixed
Rate Loan
Interests
Floating
Rate Loan
Interests
Other
Interests
Preferred
Stocks
Unfunded
Floating
Rate Loan
Interests
Assets/Liabilities
Opening balance, as of December 31, 2025
$ 1,807,223
$ 69,012
$ —
$ 13,788,015
$ —
(a)
$ 71,415
$ 272
Transfers into Level 3(b)
—
—
—
—
—
59,199
5,481
Transfers out of Level 3(c)
(523,178
)
—
—
(5,235,784
)
—
(71,415
)
(272
)
Accrued discounts/premiums
—
760
—
2,022
—
—
—
Net realized gain (loss)
249,324
—
—
(82,858
)
—
—
—
Net change in unrealized appreciation (depreciation)(d)(e)
(860,706
)
(109,161
)
(3,535
)
35,959
—
8,457
(27,337
)
Purchases
1,122,607
251,246
3,535
6,130,356
—
—
—
Sales
(1,127,964
)
—
—
(5,841,936
)
—
—
—
Closing balance, as of June 30, 2026
$ 667,306
$ 211,857
$ —
$ 8,795,774
$ —
$ 67,656
$ (21,856
)
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e)
$ (1,411,898
)
$ (109,161
)
$ (3,535
)
$ 2,666
$ —
$ 8,457
$ (27,337
)
 
 
Total
Assets
Opening balance, as of December 31, 2025
$ 15,735,937
Transfers into Level 3(b)
64,680
Transfers out of Level 3(c)
(5,830,649
)
Accrued discounts/premiums
2,782
Net realized gain (loss)
166,466
Net change in unrealized appreciation (depreciation)(d)(e)
(956,323
)
Purchases
7,507,744
Sales
(6,969,900
)
Closing balance, as of June 30, 2026
$ 9,720,737
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e)
$ (1,540,808
)
 
(a)
Rounds to less than $1.
(b)
As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2026, the Fund used significant unobservable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy.
(c)
As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2026, the Fund used observable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy.
(d)
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(e)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026 is
generally due to investments no longer held or categorized as Level 3 at period end.
Schedule of Investments
59
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
 
The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
60
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
Sterling COOFS Trust(a)(b)
 
Series 2004-1, Class A, 2.36%, 04/15/29
$
436
$ —
Series 2004-2, Class Note, 2.08%, 03/30/30
 
55
—
Total Asset-Backed Securities — 0.0%
(Cost: $33,624)
—
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(b) — 0.6%
Bravo Residential Funding Trust, Series 2021-NQM1,
Class A1, 0.94%, 02/25/49(c)
 
22
21,182
Chase Home Lending Mortgage Trust, Series 2019-
ATR1, Class A12, 6.50%, 04/25/49(c)
 
27
26,420
COLT Mortgage Loan Trust, Series 2022-2, Class A1,
3.99%, 02/25/67
 
88
83,755
CSMC, Series 2022-ATH1, Class A1A, 3.87%,
01/25/67(c)
 
70
68,119
Ellington Financial Mortgage Trust, Series 2022-1,
Class A1, 2.21%, 01/25/67(c)
 
174
153,451
Flagstar Mortgage Trust, Series 2021-4, Class A1,
2.50%, 06/01/51(c)
 
147
121,382
GS Mortgage-Backed Securities Corp. Trust,
Series 2022-PJ2, Class A4, 2.50%, 06/25/52(c)
 
72
59,528
GS Mortgage-Backed Securities Trust, Series 2021-
PJ2, Class A2, 2.50%, 11/25/51(c)
 
71
58,367
Homes Trust, Series 2024-NQM2, Class A1, 5.72%,
10/25/69
 
60
60,296
JP Morgan Mortgage Trust(c)
 
Series 2022-DSC1, Class A1, 4.75%, 01/25/63
 
79
76,831
Series 2022-INV3, Class A3B, 3.00%, 09/25/52
 
72
61,630
Mello Mortgage Capital Acceptance, Series 2022-INV2,
Class A3, 3.00%, 04/25/52(c)
 
77
65,872
MFA Trust, Series 2020-NQM1, Class A1, 2.48%,
03/25/65(c)
 
20
19,363
OBX Trust, Series 2022-INC3, Class A1, 3.00%,
02/25/52(c)
 
73
63,195
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%,
10/25/59(c)
 
113
112,912
Provident Funding Mortgage Trust, Series 2024-1,
Class A1, 5.50%, 12/25/54(c)
 
108
107,884
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%,
02/25/52(c)
 
73
62,386
Sequoia Mortgage Trust, Series 2024-INV1, Class A3,
5.50%, 10/25/54(c)
 
111
110,636
STAR Trust, Series 2021-1, Class M1, 2.36%,
05/25/65(c)
 
200
179,038
TRK Trust, Series 2021-INV2, Class A1, 1.97%,
11/25/56(c)
 
86
77,144
Verus Securitization Trust
 
Series 2022-1, Class A1, 3.72%, 01/25/67
 
62
58,059
Series 2022-3, Class A1, 5.13%, 02/25/67
 
246
233,637
Series 2024-6, Class A1, 5.80%, 07/25/69
 
82
82,409
 
 
1,963,496
Commercial Mortgage-Backed Securities — 9.2%
1301 Trust, Series 2025-1301, Class A, 5.23%,
08/11/42(b)(c)
 
210
209,747
1345T, Series 2025-AOA, Class A, (1 mo. Term SOFR +
1.60%), 5.23%, 06/15/42(b)(c)
 
450
450,280
425 Trust(b)(c)(d)
 
Series 2026-LEX, Class A, 07/15/43
 
329
329,000
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
425 Trust(b)(c)(d) (continued)
 
Series 2026-LEX, Class B, 07/15/43
$
385
$ 385,000
ARES Commercial Mortgage Trust(b)(c)
 
Series 2026-AZURE, Class A, (1 mo. Term SOFR +
1.35%), 4.98%, 03/15/38
 
680
679,999
Series 2026-AZURE, Class B, (1 mo. Term SOFR +
1.60%), 5.23%, 03/15/38
 
140
140,000
ARES Trust, Series 2025-IND3, Class A, (1 mo. Term
SOFR + 1.50%), 5.13%, 04/15/42(b)(c)
 
212
212,394
BAMLL Trust, Series 2024-BHP, Class A, (1 mo. Term
SOFR + 2.35%), 5.98%, 08/15/39(b)(c)
 
135
135,504
BAY Mortgage Trust, Series 2025-LIVN, Class A, (1 mo.
Term SOFR + 1.80%), 5.43%, 05/15/35(b)(c)
 
481
481,150
BBCMS Mortgage Trust, Series 2018-TALL, Class A,
(1 mo. Term SOFR + 0.92%), 4.55%, 03/15/37(b)(c)
 
290
274,050
Benchmark Mortgage Trust, Series 2025-V18, Class B,
5.94%, 10/15/58
 
200
201,101
BFLD Commercial Mortgage Trust(b)(c)
 
Series 2025-660F, Class A, (1 mo. Term SOFR +
1.50%), 5.13%, 11/15/42
 
335
335,733
Series 2025-660F, Class B, (1 mo. Term SOFR +
1.80%), 5.43%, 11/15/42
 
130
130,487
BFLD Trust(b)(c)
 
Series 2025-EWEST, Class A, (1 mo. Term SOFR +
1.55%), 5.18%, 06/15/42
 
345
345,000
Series 2025-FPM, Class A, 5.18%, 10/10/40
 
263
262,203
BLP Commercial Mortgage Trust, Series 2023-IND,
Class A, (1 mo. Term SOFR + 1.69%), 5.32%,
03/15/40(b)(c)
 
447
447,943
BMO Mortgage Trust, Series 2024-C8, Class A5,
5.60%, 03/15/57(c)
 
145
149,702
BPR Commercial Mortgage Trust, Series 2025-STAR,
Class B, 5.56%, 11/05/42(b)(c)
 
160
157,740
BPR Mortgage Trust, Series 2025-ALDR, Class A,
5.67%, 06/05/42(b)
 
190
193,043
BRCK Trust, Series 2025-830B, Class A, 4.96%,
12/10/42(b)(c)
 
805
796,723
BSTN Commercial Mortgage Trust(b)(c)
 
Series 2025-1C, Class A, 5.55%, 06/15/44
 
155
157,117
Series 2025-HUB, Class A, 5.06%, 04/13/41
 
145
143,698
BX Commercial Mortgage Trust(b)(c)
 
Series 2024-GPA3, Class A, (1 mo. Term SOFR +
1.29%), 4.92%, 12/15/39
 
175
174,842
Series 2024-XL4, Class A, (1 mo. Term SOFR +
1.44%), 5.07%, 02/15/39
 
253
253,452
Series 2025-BCAT, Class A, (1 mo. Term SOFR +
1.38%), 5.01%, 08/15/42
 
390
390,827
Series 2025-JDI, Class A, (1 mo. Term SOFR +
1.40%), 5.03%, 11/15/42
 
511
512,561
Series 2026-LP3, Class A, (1 mo. Term SOFR +
1.38%), 5.01%, 04/15/43
 
292
293,143
Series 2026-VLT9, Class A, (1 mo. Term SOFR +
1.70%), 5.33%, 03/15/45
 
553
552,654
BX Trust(b)(c)
 
Series 2024-BIO, Class A, (1 mo. Term SOFR +
1.64%), 5.27%, 02/15/41
 
145
145,091
Series 2024-VLT4, Class A, (1 mo. Term SOFR +
1.49%), 5.12%, 06/15/41
 
101
100,810
Series 2025-LIFE, Class A, 6.08%, 06/13/47
 
330
328,176
Series 2025-LUNR, Class A, (1 mo. Term SOFR +
1.50%), 5.13%, 06/15/40
 
447
448,339
Schedule of Investments
61
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(b)(c) (continued)
 
Series 2025-OMG, Class A, (1 mo. Term SOFR +
1.35%), 4.98%, 10/15/42
$
209
$ 209,131
Series 2025-TAIL, Class A, (1 mo. Term SOFR +
1.40%), 5.03%, 06/15/35
 
362
362,916
Series 2025-VLT6, Class A, (1 mo. Term SOFR +
1.44%), 5.07%, 03/15/42
 
615
614,231
Series 2025-VOLT, Class A, (1 mo. Term SOFR +
1.70%), 5.33%, 12/15/44
 
760
760,712
Series 2026-CLS, Class A, (1 mo. Term SOFR +
1.40%), 5.03%, 05/15/43
 
188
188,176
Series 2026-PNDA, Class A, (1 mo. Term SOFR +
1.30%), 4.93%, 05/15/43
 
390
390,853
CEDR Commercial Mortgage Trust 2022-SNAI,
Series 2022-SNAI, Class A, (1 mo. Term SOFR +
0.99%), 4.61%, 02/15/39(b)(c)
 
575
571,538
CHI Commercial Mortgage Trust, Series 2025-110W,
Class A, 5.10%, 12/13/40(b)(c)
 
935
928,526
CIP Commercial Mortgage Trust, Series 2025-SBAY,
Class A, (1 mo. Term SOFR + 1.40%), 5.03%,
10/15/37(b)(c)
 
283
283,708
Citigroup Commercial Mortgage Trust, Series 2023-
SMRT, Class A, 6.01%, 06/12/40(b)(c)
 
340
344,925
Commercial Mortgage Trust, Series 2024-WCL1,
Class A, (1 mo. Term SOFR + 1.84%), 5.47%,
06/15/41(b)(c)
 
410
409,872
CRB Commercial Mortgage Trust, Series 2025-CRE1,
Class A, 3.90%, 09/15/58(b)(c)
 
1,909
1,882,480
CSAIL Commercial Mortgage Trust, Series 2018-C14,
Class XA, 0.67%, 11/15/51(c)
 
1,867
17,367
CSRO Trust, Series 2023-BRND, Class A, 7.12%,
07/10/40(b)
 
177
181,270
CSTL Commercial Mortgage Trust(b)(c)
 
Series 2025-GATE2, Class A, 4.71%, 11/10/42
 
290
284,518
Series 2026-GATE3, Class A, 4.85%, 02/10/43
 
482
477,943
CVLR Trust, Series 2026-R3LX, Class A, (1 mo. Term
SOFR + 1.55%), 5.15%, 06/15/43(b)(c)
 
228
228,000
DBC Mortgage Trust, Series 2025-DBC, Class A, (1 mo.
Term SOFR + 1.35%), 4.98%, 11/15/42(b)(c)
 
565
565,530
DK Trust, Series 2025-LXP, Class A, (1 mo. Term SOFR
+ 1.59%), 5.23%, 08/15/37(b)(c)
 
73
73,228
Extended Stay America Trust(b)(c)
 
Series 2025-ESH, Class A, (1 mo. Term SOFR +
1.30%), 4.93%, 10/15/42
 
183
183,396
Series 2026-ESH2, Class A, (1 mo. Term SOFR +
1.20%), 4.83%, 02/15/43
 
323
323,642
GSAT Trust, Series 2025-BMF, Class A, (1 mo. Term
SOFR + 1.50%), 5.13%, 07/15/40(b)(c)
 
645
645,154
Hudson Yards Mortgage Trust, Series 2025-SPRL,
Class A, 5.65%, 01/13/40(b)(c)
 
460
467,263
ILPT Commercial Mortgage Trust, Series 2025-LPF2,
Class A, 5.47%, 07/13/42(b)(c)
 
553
555,743
INTOWN STAY Mortgage Trust, Series 2025-STAY,
Class A, (1 mo. Term SOFR + 1.35%), 4.98%,
03/15/42(b)(c)
 
510
510,000
JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2025-BHR5, Class A, (1 mo. Term
SOFR + 1.69%), 5.32%, 03/15/40(b)(c)
 
90
90,091
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
LEX Trust, Series 2026-450, Class B, (1 mo. Term
SOFR + 1.70%), 5.33%, 03/15/43(b)(c)
$
405
$ 406,266
LQR Trust, Series 2025-CALI, Class A, (1 mo. Term
SOFR + 1.60%), 5.23%, 01/15/43(b)(c)
 
669
668,164
Manhattan West Mortgage Trust, Series 2026-2MW,
Class A, 5.50%, 06/10/48(b)(c)
 
565
569,027
MIRA Trust, Series 2023, Class A, 6.75%, 06/10/38(b)
 
569
580,357
MLTI Trust(b)(c)
 
Series 2026-MLTI, Class A10, (1 mo. Term SOFR +
1.40%), 5.02%, 06/15/39
 
380
380,000
Series 2026-SF75, Class B, (1 mo. Term SOFR +
1.70%), 5.33%, 03/15/36
 
279
279,174
National Commercial Mortgage Trust, Series 2026-IND,
Class A, (1 mo. Term SOFR + 1.35%), 4.98%,
06/15/43(b)(c)
 
525
525,327
NCMF Trust, Series 2025-MFS, Class A, 5.05%,
06/10/33(b)(c)
 
493
488,874
NJ WBRK, Series 2025-WBRK, Class A, 5.87%,
03/05/35(b)(c)
 
320
326,639
NRTH Commercial Mortgage Trust, Series 2025-PARK,
Class A, (1 mo. Term SOFR + 1.39%), 5.02%,
10/15/40(b)(c)
 
580
581,450
NYC Commercial Mortgage Trust(b)(c)
 
Series 2025-28L, Class A, 4.82%, 11/05/38
 
156
154,733
Series 2025-3BP, Class A, (1 mo. Term SOFR +
1.21%), 4.84%, 02/15/42
 
510
509,841
Series 2026-1PARK, Class A, (1 mo. Term SOFR +
1.25%), 4.88%, 02/15/43
 
275
274,828
NYCT Trust, Series 2025-77C, Class A, 4.95%,
01/10/36(b)(c)
 
1,455
1,440,571
PENN Commercial Mortgage Trust, Series 2025-P11,
Class A, 5.34%, 08/10/42(b)(c)
 
89
89,885
PLYM Commercial Mortgage Trust, Series 2026-IND,
Class A, (1 mo. Term SOFR + 1.25%), 4.88%,
03/15/43(b)(c)
 
935
935,582
PRM Trust, Series 2025-PRM6, Class A, 4.63%,
07/05/33(b)(c)
 
394
389,672
SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term
SOFR + 2.44%), 6.07%, 04/15/42(b)(c)
 
476
476,419
SDR Commercial Mortgage Trust, Series 2024-DSNY,
Class A, (1 mo. Term SOFR + 1.39%), 5.02%,
05/15/39(b)(c)
 
111
111,139
SHRN Trust, Series 2025-MF18, Class A, (1 mo. Term
SOFR + 1.20%), 4.83%, 10/15/40(b)(c)
 
500
499,688
SLG Commercial Mortgage Trust(b)(c)
 
Series 2026-PAT, Class A, 4.93%, 02/15/39
 
202
199,567
Series 2026-PAT, Class B, 5.21%, 02/15/39
 
175
172,910
UNIV Trust, Series 2025-APTS, Class A, (1 mo. Term
SOFR + 1.65%), 5.28%, 11/15/42(b)(c)
 
640
638,179
Wells Fargo Commercial Mortgage Trust(c)
 
Series 2018-AUS, Class A, 4.19%, 08/17/36(b)
 
583
569,369
Series 2018-C44, Class XA, 0.86%, 05/15/51
 
4,281
44,023
WHARF Commercial Mortgage Trust, Series 2025-DC,
Class A, 5.53%, 07/15/40(b)(c)
 
231
233,378
 
 
32,912,784
62
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Interest Only Collateralized Mortgage Obligations — 0.0%
CitiMortgage Alternative Loan Trust, Series 2007-A5,
Class 1A7, 6.00%, 05/25/37
$
96
$ 20,896
IndyMac INDX Mortgage Loan Trust, Series 2006-
AR33, Class 4AX, 0.17%, 01/25/37(a)
 
16,035
2
 
 
20,898
Principal Only Collateralized Mortgage Obligations(e) — 0.0%
Residential Asset Securitization Trust, Series 2005-A15,
Class 1A8, 2.58%, 02/25/36
 
72
44,899
Washington Mutual Mortgage Pass-Through
Certificates Trust, Series 2005-9, Class CP, 5.00%,
11/25/35
 
44
24,957
 
 
69,856
Total Non-Agency Mortgage-Backed Securities — 9.8%
(Cost: $35,079,146)
34,967,034
U.S. Government Sponsored Agency Securities
Agency Obligations — 3.4%
Federal Farm Credit Banks Funding Corp.
 
2.75%, 02/22/30
 
400
380,721
1.84%, 01/25/36
 
500
384,269
Federal Home Loan Banks, 1.61%, 01/27/33
 
300
250,531
Resolution Funding Corp. Principal Strip, 0.00%,
04/15/30(f)
 
13,000
11,038,745
 
 
12,054,266
Collateralized Mortgage Obligations — 52.3%
Fannie Mae REMICS
 
Series 2004-31, Class ZG, 7.50%, 05/25/34
 
1,071
1,136,851
Series 2005-73, Class DS, (30-day Avg SOFR +
17.25%), 7.82%, 08/25/35(c)
 
14
14,169
Series 2010-134, Class DB, 4.50%, 12/25/40
 
3,997
3,928,512
Series 2010-136, Class CY, 4.00%, 12/25/40
 
2,016
1,954,679
Series 2010-47, Class JB, 5.00%, 05/25/30
 
689
691,575
Series 2011-117, Class CP, 4.00%, 11/25/41
 
13,858
13,284,713
Series 2011-8, Class ZA, 4.00%, 02/25/41
 
2,746
2,649,253
Series 2011-99, Class CB, 4.50%, 10/25/41
 
19,543
19,177,233
Series 2012-104, Class QD, 4.00%, 09/25/42
 
1,639
1,508,442
Series 2017-90, Class WB, 3.00%, 11/25/47
 
433
352,552
Series 2018-32, Class PS, (30-day Avg SOFR +
7.10%), 2.87%, 05/25/48(c)
 
3,181
2,659,502
Series 2018-50, Class EB, 4.00%, 07/25/48
 
1,761
1,702,225
Series 2020-57, Class LI, 2.00%, 08/25/50
 
5,500
4,159,991
Series 2020-79, Class JA, 1.50%, 11/25/50
 
154
141,770
Series 2022-10, Class PZ, 3.50%, 02/25/52
 
1,532
1,220,860
Series 2022-25, Class KL, 4.00%, 05/25/52
 
1,000
916,625
Series 2022-31, Class BZ, 4.00%, 10/25/51
 
777
668,041
Series 2025-106, Class PL, 5.00%, 12/25/55
 
2,443
2,346,987
Series 2025-2, Class FG, (30-day Avg SOFR +
1.45%), 5.08%, 02/25/55(c)
 
166
166,291
Series 2025-35, Class FJ, (30-day Avg SOFR +
1.60%), 5.23%, 05/25/55(c)
 
205
208,467
Series 2025-74, Class AT, 5.00%, 09/25/55
 
10,346
10,262,344
Series 5178, Class CY, 2.00%, 01/25/42
 
4,663
3,295,137
Series 5231, Class ZA, 4.00%, 06/25/52
 
5,291
4,401,625
Series 5499, Class FW, (30-day Avg SOFR +
1.40%), 5.03%, 02/25/55(c)
 
4,180
4,223,641
Freddie Mac REMICS
 
Series 2218, Class Z, 8.50%, 03/15/30
 
61
63,416
Series 2731, Class ZA, 4.50%, 01/15/34
 
859
849,775
Series 2927, Class BZ, 5.50%, 02/15/35
 
607
617,730
Series 3762, Class LN, 4.00%, 11/15/40
 
1,932
1,837,044
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Freddie Mac REMICS (continued)
 
Series 3856, Class PB, 5.00%, 05/15/41
$
4,584
$ 4,603,001
Series 3963, Class JB, 4.50%, 11/15/41
 
351
344,814
Series 4016, Class BX, 4.00%, 09/15/41
 
11,594
11,242,822
Series 4269, Class PM, 4.00%, 08/15/41
 
8,884
8,400,281
Series 4299, Class JY, 4.00%, 01/15/44
 
1,000
943,345
Series 4398, Class ZX, 4.00%, 09/15/54
 
398
363,995
Series 4615, Class LB, 4.50%, 09/15/41
 
5,671
5,547,055
Series 4748, Class BM, 3.50%, 11/15/47
 
3,351
2,912,626
Series 4774, Class L, 4.50%, 03/15/48
 
3,854
3,763,890
Series 4830, Class AV, 4.00%, 10/15/33
 
1,069
1,022,208
Series 4921, Class NL, 3.00%, 10/25/49
 
504
337,314
Series 5230, Class DL, 3.50%, 09/25/44
 
400
345,238
Series 5249, Class LB, 4.00%, 08/25/52
 
6,295
5,953,246
Series 5468, Class FM, (30-day Avg SOFR + 1.20%),
4.83%, 11/25/54(c)
 
543
545,980
Series 5468, Class MF, (30-day Avg SOFR + 1.30%),
4.93%, 11/25/54(c)
 
420
423,710
Series 5471, Class FM, (30-day Avg SOFR + 1.40%),
5.03%, 11/25/54(c)
 
576
581,924
Series 5491, Class FA, (30-day Avg SOFR + 1.30%),
4.93%, 01/25/55(c)
 
817
823,713
Series 5518, Class FC, (30-day Avg SOFR + 1.32%),
4.95%, 03/25/55(c)
 
943
950,647
Freddie Mac Seasoned Credit Risk Transfer Trust
 
Series 2018-2, Class MA, 3.50%, 11/25/57
 
332
321,489
Series 2019-1, Class MA, 3.50%, 07/25/58
 
649
622,518
Series 2019-2, Class MA, 3.50%, 08/26/58
 
267
254,578
Freddie Mac Structured Pass-Through Certificates,
Series T-11, Class A9, 0.13%, 01/25/28(c)
 
7
6,617
Ginnie Mae
 
Series 2011-88, Class PY, 4.00%, 06/20/41
 
5,742
5,571,557
Series 2012-16, Class HJ, 4.00%, 09/20/40
 
3,817
3,677,778
Series 2015-96, Class ZM, 4.00%, 07/20/45
 
9,599
9,052,433
Series 2018-91, Class ZL, 4.00%, 07/20/48
 
7,051
6,118,622
Series 2022-176, Class JZ, 4.50%, 10/20/52
 
4,845
4,361,975
Series 2022-45, Class ZA, 4.50%, 06/20/50
 
3,635
3,250,952
Series 2022-63, Class ZM, 3.50%, 10/20/50
 
4,817
3,916,347
Series 2023-131, Class PZ, 5.50%, 09/20/53
 
10,251
10,327,992
Series 2026-25, Class DY, 4.50%, 02/20/56
 
2,404
2,157,821
Series 2026-63, Class LK, 4.50%, 04/20/56
 
3,981
3,549,910
 
 
186,735,848
Commercial Mortgage-Backed Securities(c) — 0.3%
Freddie Mac Multifamily Structured Pass Through
Certificates
 
Series K094, Class X1, 1.01%, 06/25/29
 
1,348
30,454
Series K104, Class X1, 1.22%, 01/25/30
 
1,284
42,947
Series K105, Class X1, 1.63%, 01/25/30
 
1,761
80,104
Series K107, Class X1, 1.70%, 01/25/30
 
1,186
57,098
Series K109, Class X1, 1.68%, 04/25/30
 
908
45,039
Series K110, Class X1, 1.75%, 04/25/30
 
363
18,326
Series K113, Class X1, 1.47%, 06/25/30
 
1,555
69,035
Series K115, Class X1, 1.41%, 06/25/30
 
1,906
83,389
Series K120, Class X1, 1.12%, 10/25/30
 
3,769
133,641
Series K122, Class X1, 0.95%, 11/25/30
 
1,620
51,056
Ginnie Mae
 
Series 2013-63, Class IO, 0.71%, 09/16/51
 
2,086
47,164
Series 2014-169, Class IO, 0.58%, 10/16/56
 
11,195
236,486
 
 
894,739
Schedule of Investments
63
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Interest Only Collateralized Mortgage Obligations — 14.6%
Fannie Mae REMIC Trust, Series 1999-W4, Class IO,
6.50%, 12/25/28
$
8
$ 222
Fannie Mae REMICS
 
Series 2006-36, Class PS, (30-day Avg SOFR +
6.49%), 2.86%, 05/25/36(c)
 
1,395
122,580
Series 2011-134, Class ST, (30-day Avg SOFR +
5.89%), 2.26%, 12/25/41(c)
 
8,642
776,980
Series 2012-47, Class NI, 4.50%, 04/25/42
 
120
14,373
Series 2013-10, Class PI, 3.00%, 02/25/43
 
2,835
327,857
Series 2013-45, Class EI, 4.00%, 04/25/43
 
1,037
80,681
Series 2015-66, Class AS, (30-day Avg SOFR +
6.14%), 2.51%, 09/25/45(c)
 
5,313
262,380
Series 2020-12, Class JI, 4.50%, 03/25/50
 
5,373
1,256,102
Series 2021-13, Class AI, 4.00%, 01/25/49
 
15,245
2,695,186
Series 2021-23, Class CI, 3.50%, 07/25/46
 
13,671
2,400,761
Series 2021-26, Class AI, 3.50%, 05/25/50
 
20,093
3,609,392
Series 2021-67, Class IG, 3.00%, 10/25/51
 
5,245
843,457
Series 5119, Class IC, 4.00%, 06/25/51
 
15,283
3,059,395
Freddie Mac REMICS
 
Series 3923, Class SD, (30-day Avg SOFR + 5.89%),
2.29%, 09/15/41(c)
 
11,175
960,505
Series 3954, Class SL, (30-day Avg SOFR + 5.89%),
2.29%, 11/15/41(c)
 
6,249
511,953
Series 4026, Class IO, 4.50%, 04/15/32
 
278
15,079
Series 4706, Class IG, 4.00%, 07/15/47
 
9,769
1,815,784
Series 5013, Class JI, 4.00%, 09/25/50
 
14,413
2,921,242
Series 5083, Class IN, 4.50%, 07/25/32
 
5,934
385,387
Series 5116B, Class CI, 3.00%, 06/25/51
 
14,713
1,902,756
Series 5138, Class IP, 3.00%, 04/25/51
 
14,299
2,395,209
Series 5236, Class JI, 4.00%, 02/25/52
 
22,951
2,440,311
Ginnie Mae
 
Series 2009-116, Class KS, (1 mo. Term SOFR +
6.36%), 2.72%, 12/16/39(c)
 
323
28,303
Series 2011-52, Class MJ, (1 mo. Term SOFR +
6.54%), 2.90%, 04/20/41(c)
 
1,401
90,903
Series 2012-97, Class JS, (1 mo. Term SOFR +
6.14%), 2.50%, 08/16/42(c)
 
1,289
32,170
Series 2020-146, Class IO, 3.50%, 10/20/50
 
4,709
869,696
Series 2020-151, Class MI, 2.50%, 10/20/50
 
23,699
3,481,307
Series 2021-193, Class IA, 3.00%, 11/20/51
 
11,582
1,946,932
Series 2021-87, Class NI, 3.00%, 05/20/51
 
6,277
1,028,714
Series 2022-10, Class IT, 3.50%, 01/20/52
 
10,238
1,530,947
Series 2022-159, Class AI, 4.00%, 11/20/50
 
7,965
1,413,034
series 2022-60H, Class IH, 2.50%, 02/20/51
 
18,347
2,570,747
Series 2025-203, Class PI, 5.50%, 11/20/55
 
14,749
3,252,253
Series 2025-214, Class DI, 5.50%, 12/20/55
 
3,490
738,990
Series 2026-34, Class MI, 5.50%, 02/20/56
 
16,720
3,602,568
Series 2026-7, Class PI, 5.50%, 01/20/56
 
11,835
2,637,236
Vendee Mortgage Trust, Series 1999-2, Class 1IO,
0.00%, 05/15/29(c)
 
2,168
2
 
 
52,021,394
Mortgage-Backed Securities — 62.8%
Fannie Mae Mortgage-Backed Securities, 4.00%,
02/01/56 - 01/01/57(g)
 
24,362
22,828,734
Freddie Mac Mortgage-Backed Securities
 
5.50%, 01/01/39(g)
 
2,682
2,723,314
4.00%, 05/01/39(g)
 
112
108,253
3.50%, 01/01/46
 
595
554,795
Ginnie Mae Mortgage-Backed Securities
 
8.00%, 12/15/26 - 06/15/27
 
—
(h)
590
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
 
5.00%, 11/15/35 - 10/20/39
$
698
$ 709,718
6.50%, 12/20/54 - 06/20/56
 
5,570
5,828,706
6.00%, 04/20/55 - 06/20/56
 
14,376
14,869,716
7.00%, 06/20/55
 
603
630,451
5.50%, 07/20/55 - 06/20/56
 
6,563
6,662,809
Uniform Mortgage-Backed Securities
 
1.50%, 06/01/31
 
346
326,041
5.50%, 02/01/33 - 04/01/55(g)(i)
 
42,527
42,892,927
5.00%, 06/01/33 - 07/13/56(g)(j)
 
28,346
28,178,410
4.00%, 09/01/33 - 07/13/56(g)(j)
 
35,107
33,165,505
3.50%, 02/01/35 - 08/13/56(g)(j)
 
4,948
4,510,739
6.00%, 02/01/36 - 01/01/55(g)
 
19,790
20,323,718
6.50%, 10/01/38 - 10/01/53
 
1,249
1,307,919
4.50%, 04/01/39 - 07/01/52(g)
 
8,522
8,309,514
2.50%, 07/16/41(j)
 
180
168,265
3.00%, 03/01/43 - 07/13/56(j)
 
34,463
30,084,961
 
 
224,185,085
Principal Only Collateralized Mortgage Obligations(e) — 1.1%
Fannie Mae Interest Strip
 
Series 337, Class 1, 4.98%, 07/25/33
 
1,035
906,456
Series 397, Class 1, 4.68%, 09/25/39
 
1,514
1,192,059
Fannie Mae REMIC Trust, Series 1999-W4, Class PO,
7.00%, 02/25/29
 
3
3,099
Fannie Mae REMICS
 
Series 2002-13B, Class PR, 4.00%, 03/25/32
 
6
6,124
Series 2011-90, Class AO, 4.41%, 09/25/41
 
2,585
1,996,944
 
 
4,104,682
Total U.S. Government Sponsored Agency Securities — 134.5%
(Cost: $504,227,691)
479,996,014
U.S. Treasury Obligations
U.S. Treasury Bonds(g)
 
2.25%, 05/15/41
 
840
612,347
2.88%, 05/15/52
 
1,525
1,054,931
U.S. Treasury Notes
 
4.25%, 11/30/26 - 06/30/31
 
2,790
2,794,347
4.38%, 11/30/28
 
700
703,227
4.00%, 01/31/29 - 02/15/34
 
820
814,226
4.63%, 04/30/29(g)
 
2,700
2,732,273
1.13%, 02/15/31
 
330
287,964
4.13%, 10/31/26 - 03/31/29
 
1,300
1,299,951
Total U.S. Treasury Obligations — 2.9%
(Cost: $10,348,813)
10,299,266
Total Long-Term Investments — 147.2%
(Cost: $549,689,274)
525,262,314
 
64
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.54%(k)(l)
 
1,251,920
$    1,251,920
Total Short-Term Securities — 0.4%
(Cost: $1,251,920)
1,251,920
Total Investments Before TBA Sale Commitments — 147.6%
(Cost: $550,941,194)
526,514,234
 
 
 
Par
(000)
 
TBA Sale Commitments(j)
Mortgage-Backed Securities — (0.2)%
Uniform Mortgage-Backed Securities
 
3.50%, 07/13/56
$
(600
)
(544,312
)
4.50%, 07/13/56
 
(28
)
(26,821
)
Total TBA Sale Commitments — (0.2)%
(Proceeds: $(573,283))
(571,133
)
Total Investments, Net of TBA Sale Commitments — 147.4%
(Cost: $550,367,911)
525,943,101
Liabilities in Excess of Other Assets — (47.4)%
(169,179,755
)
Net Assets — 100.0%
$  356,763,346
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(d)
When-issued security.
(e)
Rates are discount rates or a range of discount rates as of period end.
(f)
Zero-coupon bond.
(g)
All or a portion of the security has been pledged as collateral in connection with
outstanding reverse repurchase agreements.
(h)
Rounds to less than 1,000.
(i)
All or a portion of the security has been pledged as collateral in connection with
outstanding TBA commitments.
(j)
Represents or includes a TBA transaction.
(k)
Affiliate of the Fund.
(l)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 948,102
$ 303,818
(a)
$ —
$ —
$ —
$ 1,251,920
1,251,920
$ 62,500
$ —
 
(a)
Represents net amount purchased (sold).
Reverse Repurchase Agreements 
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements
Wells Fargo Securities, LLC
3.74
% 
06/10/26
07/13/26
$ 329,948
$ 330,634
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
203,253
205,698
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
4,563,211
4,572,692
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
4,438,493
4,447,715
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
9,414,452
9,434,013
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
4,191,405
4,200,114
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
15,248,572
15,280,255
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
40,738
40,823
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Schedule of Investments
65
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements
Wells Fargo Securities, LLC
3.74
% 
06/10/26
07/13/26
$ 5,385,214
$ 5,396,404
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
12,900,894
12,927,699
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
10,202,128
10,223,326
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
6,786,327
6,800,428
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
104,614
104,832
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
59,586
59,710
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
4,302,819
4,311,759
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
4,818,045
4,828,056
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
9,945,949
9,966,614
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
15,013
15,044
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
12,191,828
12,217,160
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.77
06/24/26
07/07/26
2,906,029
2,908,159
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.77
06/24/26
07/07/26
3,392,104
3,394,590
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.77
06/24/26
07/07/26
2,707,016
2,709,001
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.77
06/24/26
07/07/26
2,048,253
2,049,754
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.77
06/24/26
07/07/26
3,308,323
3,310,748
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.77
06/24/26
07/07/26
726,187
726,719
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.77
06/24/26
07/07/26
2,199,793
2,201,405
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
3.73
06/30/26
07/01/26
2,725,716
2,725,999
U.S. Treasury Obligations
Up to 30 Days
HSBC Securities (USA), Inc.
3.73
06/30/26
07/01/26
1,075,125
1,075,236
U.S. Treasury Obligations
Up to 30 Days
HSBC Securities (USA), Inc.
3.73
06/30/26
07/01/26
1,451,813
1,451,963
U.S. Treasury Obligations
Up to 30 Days
U.S. Bancorp Investments, Inc.
3.84
06/30/26
07/01/26
618,450
618,516
U.S. Treasury Obligations
Up to 30 Days
 
 
 
$ 128,301,298
$ 128,535,066
 
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
10-Year U.S. Treasury Note
232
09/21/26
$ 25,462
$ 102,439
5-Year U.S. Treasury Note
74
09/30/26
7,916
2,335
 
104,774
Short Contracts 
10-Year U.S. Ultra Long Treasury Note
150
09/21/26
16,842
(88,185
)
66
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts (continued)
U.S. Long Bond
146
09/21/26
$ 16,507
$ (269,558
)
2-Year U.S. Treasury Note
43
09/30/26
8,862
2,373
 
(355,370
)
 
$ (250,596
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 107,147
$ —
$ 107,147
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 357,743
$ —
$ 357,743
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ —
$ —
$ (21,773
)
$ —
$ (21,773
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ (260,958
)
$ —
$ (260,958
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$34,433,579
Average notional value of contracts — short
39,122,567
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ —
$ —
$ —
Schedule of Investments
67
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Non-Agency Mortgage-Backed Securities
$ —
$ 34,967,032
$ 2
$ 34,967,034
U.S. Government Sponsored Agency Securities
—
479,996,014
—
479,996,014
U.S. Treasury Obligations
—
10,299,266
—
10,299,266
Short-Term Securities 
Money Market Funds
1,251,920
—
—
1,251,920
Liabilities
Investments 
TBA Sale Commitments
—
(571,133
)
—
(571,133
)
 
$1,251,920
$524,691,179
$2
$525,943,101
Derivative Financial Instruments(a)
Assets 
Interest Rate Contracts
$ 107,147
$ —
$ —
$ 107,147
Liabilities 
Interest Rate Contracts
(357,743
)
—
—
(357,743
)
 
$(250,596
)
$—
$—
$(250,596
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $128,535,066 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
68
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
AB Issuer LLC, Series 2026-1A, Class A2, 6.41%,
04/30/56(a)
USD
54
$ 54,260
Apidos CLO XVIII-R(a)(b)
 
Series 2018-18A, Class A1R2, (3-mo. CME Term
SOFR + 1.33%), 4.99%, 01/22/38(c)
 
2,255
2,258,715
Series 2018-18A, Class BR2, (3-mo. CME Term
SOFR + 1.70%), 5.36%, 01/22/38
 
1,353
1,356,763
Argent Securities Trust, Series 2006-W5, Class A1,
(1 mo. Term SOFR + 0.41%), 4.06%, 06/25/36(b)
 
3,429
2,269,022
Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo.
CME Term SOFR + 1.70%), 5.38%, 01/20/38(a)(b)
 
750
752,023
Carlyle U.S. CLO Ltd., Series 2026-2A, Class D, (3-mo.
CME Term SOFR + 3.15%), 6.81%, 04/20/39(a)(b)
 
650
655,050
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo.
CME Term SOFR + 1.02%), 4.70%, 04/20/32(a)(b)(c)
 
1,190
1,190,100
Cedar Funding XIV CLO Ltd., Series 2021-14A,
Class B1R, (3-mo. CME Term SOFR + 1.70%),
5.37%, 10/15/37(a)(b)
 
500
500,468
CIFC Funding Ltd.(a)(b)
 
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR
+ 1.32%), 5.00%, 01/18/38
 
1,804
1,806,400
Series 2018-1A, Class BR, (3-mo. CME Term SOFR +
1.70%), 5.38%, 01/18/38
 
2,255
2,262,789
Series 2019-1A, Class D1R2, (3-mo. CME Term
SOFR + 3.05%), 6.73%, 10/20/37
 
500
500,369
Series 2022-7A, Class ER, (3-mo. CME Term SOFR +
5.35%), 9.01%, 01/22/38
 
500
495,634
Citigroup Mortgage Loan Trust, Series 2006-FX1,
Class A7, 7.28%, 10/25/36
 
283
162,373
Concord Music Royalties LLC, Series 2024-1A, Class A,
5.64%, 10/20/74(a)
 
272
272,736
Creeksource Dunes Creek CLO Ltd., Series 2024-1A,
Class A1, (3-mo. CME Term SOFR + 1.41%), 5.08%,
01/15/38(a)(b)
 
500
500,891
CWABS Asset-Backed Certificates Trust, Series 2006-
26, Class 1A, (1 mo. Term SOFR + 0.39%), 4.04%,
06/25/37(b)
 
386
360,336
Dryden CLO Ltd.(a)(b)
 
Series 2018-61A, Class DR, (3-mo. CME Term SOFR
+ 3.36%), 7.04%, 01/17/32
 
610
610,434
Series 2018-64A, Class D, (3-mo. CME Term SOFR +
2.91%), 6.59%, 04/18/31
 
250
249,945
Firstlight Issuer LLC, Series 2026-1A, Class A2,
06/20/56(a)(d)
 
71
71,302
GoodLeap Home Improvement Solutions Trust,
Series 2025-1A, Class B, 6.27%, 02/20/49(a)
 
219
221,247
GreenSky Home Improvement Issuer Trust,
Series 2024-2, Class C, 5.55%, 10/27/59(a)
 
77
77,428
Lyra Music Assets Delaware LP, Series 2025-1A,
Class A2, 5.60%, 09/20/65(a)
 
271
272,501
Madison Park Funding XXXVII Ltd., Series 2019-37A,
Class BR2, (3-mo. CME Term SOFR + 1.95%),
5.62%, 04/15/37(a)(b)
 
875
876,150
Mariner Finance Issuance Trust, Series 2024-AA,
Class E, 9.02%, 09/22/36(a)
 
497
506,086
Mtp Abs Funding LLC, Series 2026-1A, Class B, 5.88%,
04/25/56(a)
 
115
115,191
Nelnet Student Loan Trust, Series 2025-BA, Class D,
6.04%, 05/17/55(a)
 
320
312,537
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
OCP CLO Ltd., Series 2024-38A, Class A, (3-mo. CME
Term SOFR + 1.33%), 5.00%, 01/21/38(a)(b)(c)
USD
1,000
$ 1,001,505
OHS Issuer LLC, Series 2026-1, Class A2, 5.98%,
02/25/61(a)
 
284
276,677
Palmer Square CLO Ltd., Series 2024-4A, Class B, (3-
mo. CME Term SOFR + 1.65%), 5.32%, 01/15/38(a)(b)
 
1,520
1,525,435
Perimeter Master Note Business Trust, Series 2026-1A,
Class A, 6.01%, 01/15/32(a)
 
155
154,981
Pikes Peak CLO, Series 2020-6A, Class DRR, (3-mo.
CME Term SOFR + 2.50%), 6.15%, 05/18/34(a)(b)
 
250
248,674
QTS Issuer ABS II LLC(a)
 
Series 2026-5A, Class A2, 6.18%, 03/06/56
 
104
105,121
Series 2026-6A, Class A21, 07/05/56(d)
 
47
46,999
Series 2026-6A, Class A22, 07/05/56(d)
 
31
31,000
Series 2026-6A, Class A23, 07/05/56(d)
 
52
52,000
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-
mo. CME Term SOFR + 1.65%), 5.32%, 01/25/38(a)(b)
 
1,600
1,604,329
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR,
(3-mo. CME Term SOFR + 1.55%), 5.22%,
04/15/38(a)(b)
 
300
299,960
Regatta XXIV Funding Ltd., Series 2021-5A, Class D1R,
(3-mo. CME Term SOFR + 2.80%), 6.48%,
01/20/38(a)(b)
 
250
247,965
Regional Management Issuance Trust, Series 2021-3,
Class A, 3.88%, 10/17/33(a)(e)
 
980
970,200
Rockford Tower CLO Ltd., Series 2021-3A, Class A1R,
(3-mo. CME Term SOFR + 1.40%), 5.07%,
01/15/38(a)(b)(c)
 
2,977
2,981,933
RR Ltd., Series 2022-24A, Class A1A2, (3-mo. CME
Term SOFR + 1.31%), 4.98%, 01/15/37(a)(b)
 
250
250,313
Scooter S Coffee Issuer LLC, Series 2026-1A, Class A2,
6.38%, 05/20/56(a)
 
116
116,380
Service Experts Issuer LLC, Series 2024-1A, Class A,
6.39%, 11/20/35(a)
 
138
139,732
Sterling COOFS Trust(a)(e)
 
Series 2004-1, Class A, 2.36%, 04/15/29
 
607
—
Series 2004-2, Class Note, 2.08%, 03/30/30
 
149
—
Subway Funding LLC, Series 2024-1A, Class A2I,
6.03%, 07/30/54(a)
 
291
291,756
Symphony CLO Ltd., Series 2023-40A, Class AR, (3-mo.
CME Term SOFR + 1.31%), 4.98%, 01/05/38(a)(b)
 
500
500,622
Trimaran CAVU Ltd., Series 2021-1A, Class D1R, (3-mo.
CME Term SOFR + 3.40%), 7.07%, 07/23/37(a)(b)
 
250
249,816
Unique Pub Finance Co. PLC, Series 02, Class N,
6.46%, 03/30/32(f)
GBP
18
25,214
Upgrade Master Pass-Thru Trust, Series 2025-ST4,
Class A, 5.50%, 08/16/32(a)
USD
169
168,587
UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%,
01/25/47(a)
 
334
330,834
Vista Point Securitization Trust, Series 2024-CES1,
Class A2, 6.84%, 05/25/54(a)
 
575
579,574
Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME
Term SOFR + 1.91%), 5.59%, 10/17/32(a)(b)
 
500
500,731
Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3-
mo. CME Term SOFR + 2.90%), 6.57%, 10/24/37(a)(b)
 
500
501,087
Schedule of Investments
69
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Whitebox CLO III Ltd., Series 2021-3A, Class DR, (3-mo.
CME Term SOFR + 2.85%), 6.52%, 10/15/35(a)(b)
USD
250
$ 249,991
Wireless PropCo Funding LLC, Series 2025-1A, Class B,
4.30%, 06/25/55(a)
 
870
818,980
Total Asset-Backed Securities — 6.4%
(Cost: $33,335,799)
32,981,146
 
 
 
 
Shares
 
Common Stocks
Capital Markets — 0.0%
Wom New Holdco(e)(g)
 
549
8,235
Financial Services(g) — 0.0%
Aimbridge Acquisition Co., Inc.
 
2,750
105,393
Labels Buyer LLC
 
210
19,285
 
 
124,678
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc.(g)
 
464
386
Hotels, Restaurants & Leisure — 0.0%
Fortrex Equity(e)(g)
 
3,500
52,500
Household Products — 0.0%
Berkline Benchcraft Equity LLC(e)(g)
 
3,155
—
Industrial Conglomerates(g) — 0.0%
Ameriforge Group, Inc.(e)
 
801
—
SVP Singer
 
4,245
27,593
 
 
27,593
IT Services — 0.0%
Travelport LLC(e)(g)
 
91
62,259
Machinery — 0.1%
United Site Services, Inc.(e)(g)(h)
 
18,926
189,260
Real Estate Management & Development — 0.0%
ADLER Group SA(e)(g)
 
33,168
—
Trading Companies & Distributors — 0.0%
TMK Hawk Midco Corp.(g)
 
10,062
20,124
Transportation Infrastructure — 0.0%
Incora Top Holdco LLC(e)(g)
 
9,432
65,552
Wireless Telecommunication Services — 0.1%
Altice France Lux 3(g)
 
15,143
298,328
Total Common Stocks — 0.2%
(Cost: $1,818,125)
848,915
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 1.2%
Clear Channel Outdoor Holdings, Inc.(a)
 
7.75%, 04/15/28
USD
470
470,757
7.50%, 06/01/29(c)
 
797
797,410
7.88%, 04/01/30(c)
 
636
662,507
7.13%, 02/15/31(c)
 
789
817,006
7.50%, 03/15/33(c)
 
965
1,016,068
CMG Media Corp., 8.88%, 06/18/29(a)
 
230
168,340
Security
 
Par
(000)
Value
Advertising Agencies (continued)
Lamar Media Corp., 4.00%, 02/15/30
USD
40
$ 38,235
Neptune Bidco U.S., Inc.(a)
 
9.29%, 04/15/29(c)
 
414
422,207
10.38%, 05/15/31
 
263
272,577
9.50%, 02/15/33(c)
 
360
363,980
Omnicom Group, Inc., 5.40%, 10/01/48(c)
 
200
179,584
Outfront Media Capital LLC/Outfront Media Capital
Corp.(a)
 
4.25%, 01/15/29(c)
 
150
146,057
4.63%, 03/15/30
 
38
36,856
7.38%, 02/15/31(c)
 
254
264,138
6.00%, 06/15/34(c)
 
575
573,950
 
 
6,229,672
Aerospace & Defense — 2.3%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(a)
 
303
309,552
ATI, Inc.
 
5.88%, 12/01/27(c)
 
127
127,062
7.25%, 08/15/30(c)
 
535
555,476
5.13%, 10/01/31(c)
 
215
212,807
5.88%, 06/15/33
 
76
77,056
Bombardier, Inc.(a)
 
8.75%, 11/15/30(c)
 
251
265,321
7.25%, 07/01/31
 
34
35,575
7.00%, 06/01/32(c)
 
254
263,122
6.75%, 06/15/33
 
238
246,361
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%,
02/15/32(a)(c)
 
952
952,637
Goat Holdco LLC, 6.75%, 02/01/32(a)(c)
 
234
239,820
Northrop Grumman Corp., 3.85%, 04/15/45(c)
 
200
158,505
TransDigm, Inc.(a)
 
6.75%, 08/15/28(c)
 
1,152
1,163,473
6.38%, 03/01/29(c)
 
977
991,930
6.63%, 03/01/32(c)
 
1,025
1,051,261
6.00%, 01/15/33(c)
 
811
818,967
6.38%, 05/31/33(c)
 
1,904
1,922,103
6.25%, 01/31/34
 
120
122,447
6.75%, 01/31/34(c)
 
1,154
1,183,668
6.13%, 07/31/34(c)
 
1,130
1,128,547
 
 
11,825,690
Air Freight & Logistics(a) — 0.1%
Rand Parent LLC, 8.50%, 02/15/30
 
234
242,388
Stonepeak Nile Parent LLC, 7.25%, 03/15/32
 
114
118,051
 
 
360,439
Automobile Components — 1.0%
American Axle & Manufacturing, Inc.(a)
 
6.38%, 10/15/32
 
151
150,469
7.75%, 10/15/33
 
158
156,083
Clarios Global LP/Clarios U.S. Finance Co.(a)
 
6.75%, 05/15/28(c)
 
839
851,283
6.75%, 02/15/30(c)
 
359
369,925
4.75%, 06/15/31
EUR
295
340,973
6.75%, 09/15/32(c)
USD
684
698,559
Cyprium Corp./Cyprium Holdings Luxembourg SARL,
6.13%, 04/15/31(a)
 
199
198,991
Dorman Products, Inc., 6.25%, 06/15/34(a)
 
37
37,425
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%,
05/31/32(a)(c)
 
112
117,599
Goodyear Tire & Rubber Co.
 
6.63%, 07/15/30
 
119
114,932
8.88%, 07/15/32
 
287
289,491
70
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobile Components (continued)
IHO Verwaltungs GmbH(i)
 
(7.00% Cash or 7.75% PIK), 7.00%, 11/15/31(f)
EUR
100
$ 122,086
(7.38% Cash or 8.13% PIK), 7.38%, 05/15/33(a)
USD
200
207,928
Mahle GmbH, 6.50%, 05/02/31(f)
EUR
100
119,084
Qnity Electronics, Inc.(a)
 
5.75%, 08/15/32
USD
71
71,378
6.25%, 08/15/33
 
175
178,051
Schaeffler AG(f)
 
4.25%, 04/01/28
EUR
100
115,292
4.75%, 08/14/29
 
100
116,734
Tenneco, Inc., 8.00%, 11/17/28(a)(c)
USD
453
455,833
ZF Europe Finance BV(f)
 
7.00%, 06/12/30
EUR
100
121,477
5.50%, 02/17/32
 
100
113,040
 
 
4,946,633
Automobiles — 1.0%
Asbury Automotive Group, Inc., 4.50%, 03/01/28
USD
146
144,527
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29(f)
GBP
100
105,572
Carvana Co.(a)(i)
 
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30(c)
USD
693
716,072
(9.00% PIK), 9.00%, 06/01/31
 
1,480
1,633,992
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(a)
 
200
209,647
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%,
08/15/29(a)
 
200
207,001
LCM Investments Holdings II LLC, 8.25%, 08/01/31(a)(c)
 
266
277,154
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30(a)(c)
 
446
438,427
Nissan Motor Co. Ltd.
 
5.25%, 07/17/29(f)
EUR
100
115,862
7.75%, 07/17/32(a)
USD
204
211,437
6.38%, 07/17/33(a)
EUR
145
169,123
8.13%, 07/17/35(a)(c)
USD
607
642,795
RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%),
4.75%, 03/24/37(b)(f)
EUR
100
115,073
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC,
10.00%, 01/15/31(a)
USD
232
231,072
 
 
5,217,754
Banks — 0.1%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap
+ 2.45%), 4.63%, 12/11/36(b)(f)
EUR
100
116,995
Banco Espirito Santo SA
 
4.75%, 01/15/22(b)(g)(h)
 
100
25,137
4.00%, 01/21/22
 
100
25,137
National Bank of Greece SA, (5-year EURIBOR ICE
Swap + 3.15%), 5.88%, 06/28/35(b)(f)
 
100
121,382
Walker & Dunlop, Inc., 6.63%, 04/01/33(a)
USD
143
145,278
 
 
433,929
Biotechnology(a) — 0.2%
BioMarin Pharmaceutical, Inc., 5.50%, 02/15/34(c)
 
340
334,032
Genmab AS/Genmab Finance LLC
 
6.25%, 12/15/32
 
200
203,815
7.25%, 12/15/33(c)
 
435
453,530
 
 
991,377
Building Materials — 1.0%
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33(a)
 
222
231,959
Builders FirstSource, Inc., 6.75%, 05/15/35(a)
 
147
149,877
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
 
6.38%, 12/15/30(f)
EUR
100
118,065
6.63%, 12/15/30(a)(c)
USD
1,537
1,571,327
6.75%, 07/15/31(a)
 
175
181,134
Security
 
Par
(000)
Value
Building Materials (continued)
Jeld-Wen, Inc., 4.88%, 12/15/27(a)(c)
USD
257
$ 204,641
New Enterprise Stone & Lime Co., Inc.(a)
 
5.25%, 07/15/28
 
81
80,677
9.75%, 07/15/28
 
300
300,524
Quikrete Holdings, Inc., 6.38%, 03/01/32(a)(c)
 
1,019
1,040,579
Standard Building Solutions, Inc.(a)
 
6.50%, 08/15/32(c)
 
494
496,986
6.25%, 08/01/33(c)
 
424
421,050
5.88%, 03/15/34
 
73
70,344
Standard Industries, Inc.(a)
 
4.75%, 01/15/28
 
2
1,986
4.38%, 07/15/30(c)
 
313
297,272
Wilsonart LLC, 11.00%, 08/15/32(a)
 
305
247,092
 
 
5,413,513
Building Products(a)(c) — 0.9%
QXO Building Products, Inc.
 
6.50%, 07/15/31
 
693
706,285
6.75%, 04/30/32
 
893
922,093
6.88%, 07/15/34
 
837
859,244
White Cap Supply Holdings LLC, 7.38%, 11/15/30
 
2,062
2,090,643
 
 
4,578,265
Capital Markets — 0.8%
Apollo Debt Solutions BDC
 
5.88%, 08/30/30(c)
 
98
96,971
6.55%, 03/15/32
 
68
68,582
Ares Strategic Income Fund, 5.80%, 09/09/30(c)
 
220
216,730
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30
 
70
68,173
Blackstone Secured Lending Fund, 5.90%, 05/21/31
 
170
167,465
Blue Owl Capital Corp.
 
6.20%, 07/15/30(c)
 
139
138,505
6.30%, 08/15/31
 
87
86,472
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(a)
 
14
13,607
First Eagle Holdings, Inc., 7.25%, 08/15/32(a)
 
88
88,585
Focus Financial Partners LLC, 6.75%, 09/15/31(a)(c)
 
197
198,225
FS KKR Capital Corp., 2.63%, 01/15/27
 
58
56,930
Gaci First Investment Co., 5.25%, 05/14/33(f)
 
200
199,600
GS Finance Corp., 0.00%, 05/21/29(a)(j)(k)
 
302
310,909
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
5.25%, 05/15/27(c)
 
611
603,884
9.75%, 01/15/29
 
170
166,724
4.38%, 02/01/29(c)
 
124
105,907
10.00%, 11/15/29(a)
 
193
190,340
Jane Street Group/JSG Finance, Inc.(a)
 
6.13%, 11/01/32
 
78
78,016
6.75%, 05/01/33
 
54
55,532
Osaic Holdings, Inc.(a)(c)
 
6.75%, 08/01/32
 
338
338,578
8.00%, 08/01/33
 
471
472,739
Turkiye Varlik Fonu Yonetimi AS, 8.25%, 02/14/29(f)
 
200
208,664
WOM Chile Holdco SpA, (5.00% PIK), 5.00%,
04/01/32(a)(i)(j)
 
184
162,523
 
 
4,093,661
Chemicals — 2.2%
Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK),
9.25%, 11/01/26(a)(i)
 
347
276,798
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco
1 GmbH/German Bidco 2(a)
 
6.50%, 06/15/33
EUR
510
587,019
Schedule of Investments
71
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco
1 GmbH/German Bidco 2(a) (continued)
 
7.13%, 06/15/33
USD
216
$ 218,101
Celanese U.S. Holdings LLC
 
7.00%, 02/15/31
 
26
26,761
6.75%, 04/15/33(c)
 
181
184,380
7.38%, 02/15/34
 
213
220,058
Chemours Co.(a)
 
5.75%, 11/15/28(c)
 
574
573,536
4.63%, 11/15/29(c)
 
372
355,066
7.88%, 03/15/34
 
200
200,975
Element Solutions, Inc., 3.88%, 09/01/28(a)(c)
 
1,146
1,118,192
FMC Corp.(c)
 
3.45%, 10/01/29
 
384
355,566
8.00%, 06/01/31(a)
 
544
566,189
Herens Holdco SARL, 4.75%, 05/15/28(a)
 
212
184,917
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%,
07/01/28(a)
 
6
5,996
Ingevity Corp., 3.88%, 11/01/28(a)
 
84
81,378
Itelyum Regeneration SpA, 5.75%, 04/15/30(f)
EUR
100
115,841
Kronos International, Inc., 9.50%, 03/15/29(f)
 
100
112,173
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(a)(c)
USD
75
75,949
OCP SA, 5.13%, 06/23/51(f)
 
200
161,250
Olympus Water U.S. Holding Corp.(a)(c)
 
7.25%, 06/15/31
 
396
400,980
6.75%, 08/01/32
 
790
771,892
7.25%, 02/15/33
 
1,731
1,711,903
Perimeter Holdings LLC, 6.25%, 01/15/34(a)(c)
 
527
526,007
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(a)
 
156
152,961
Solstice Advanced Materials, Inc., 5.63%, 09/30/33(a)(c)
 
147
146,086
WR Grace Holdings LLC(a)(c)
 
5.63%, 08/15/29
 
1,191
1,119,411
7.38%, 03/01/31
 
235
235,977
6.63%, 08/15/32
 
404
391,831
7.00%, 08/01/33
 
485
472,272
 
 
11,349,465
Commercial Services & Supplies — 3.9%
ADT Security Corp.(a)
 
4.88%, 07/15/32
 
107
101,119
5.88%, 10/15/33(c)
 
247
242,645
Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%,
05/21/30(a)(c)
 
476
492,862
Allied Universal Holdco LLC, 7.88%, 02/15/31(a)(c)
 
2,362
2,469,197
Allied Universal Holdco LLC/Allied Universal Finance
Corp.(a)(c)
 
6.00%, 06/01/29
 
1,659
1,651,695
6.88%, 06/15/30
 
895
919,699
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(a)(c)
 
1,337
1,315,401
APi Group DE, Inc.(a)
 
4.13%, 07/15/29
 
132
126,588
4.75%, 10/15/29
 
100
98,003
Arena Luxembourg Finance SARL, (3-mo. EURIBOR +
2.50%), 4.65%, 05/01/30(b)(f)
EUR
100
115,278
BCP V Modular Services Finance II PLC, 6.50%,
07/10/31(f)
 
100
98,834
Belron U.K. Finance PLC, 5.75%, 10/15/29(a)(c)
USD
590
592,730
Boels Topholding BV, 5.75%, 05/15/30(f)
EUR
100
117,404
Brink’s Co.(a)
 
6.50%, 06/15/29
USD
157
160,142
6.75%, 06/15/32
 
68
69,488
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Clarivate Science Holdings Corp., 4.88%, 07/01/29(a)(c)
USD
883
$ 790,203
CompoSecure Holdings LLC, 5.63%, 02/01/33(a)(c)
 
269
262,586
Deluxe Corp., 8.13%, 09/15/29(a)
 
132
136,654
EquipmentShare.com, Inc., 07/01/34(a)(d)
 
193
189,630
FTAI Aviation Investors LLC(a)(c)
 
5.50%, 05/01/28
 
534
532,717
7.88%, 12/01/30
 
571
596,612
7.00%, 05/01/31
 
838
867,957
7.00%, 06/15/32
 
427
440,986
5.88%, 04/15/33
 
367
366,641
Garda World Security Corp.(a)
 
7.75%, 02/15/28(c)
 
532
541,383
6.00%, 06/01/29
 
65
64,034
8.25%, 08/01/32(c)
 
643
657,998
8.38%, 11/15/32(c)
 
1,400
1,432,276
Herc Holdings, Inc.(a)
 
6.63%, 06/15/29(c)
 
36
36,755
7.00%, 06/15/30(c)
 
388
401,800
7.25%, 06/15/33
 
232
241,873
6.00%, 03/15/34
 
152
150,990
Hertz Corp., 12.63%, 07/15/29(a)
 
152
123,711
Loxam SAS, 6.38%, 05/31/29(f)
EUR
90
105,852
RR Donnelley & Sons Co.(a)
 
9.50%, 08/01/29(c)
USD
716
742,364
(5.50% Cash or 5.50% PIK), 11.00%, 06/01/31(i)
 
125
120,903
Service Corp. International
 
5.13%, 06/01/29
 
32
31,747
3.38%, 08/15/30(c)
 
273
253,239
4.00%, 05/15/31(c)
 
249
235,042
5.75%, 10/15/32(c)
 
350
351,408
Sotheby’s, 8.25%, 04/15/31(a)
 
244
242,715
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(a)(c)
 
247
234,429
United Rentals North America, Inc., 5.38%, 11/15/33(a)(c)
 
332
326,991
Wand NewCo 3, Inc., 7.63%, 01/30/32(a)(c)
 
487
503,719
Williams Scotsman, Inc.(a)
 
6.63%, 06/15/29
 
32
32,670
6.63%, 04/15/30
 
213
219,432
7.38%, 10/01/31(c)
 
378
391,363
 
 
20,197,765
Construction & Engineering — 0.4%
AECOM, 6.00%, 08/01/33(a)(c)
 
320
320,457
Arcosa, Inc., 6.88%, 08/15/32(a)
 
21
21,906
Brand Industrial Services, Inc., 10.38%, 08/01/30(a)
 
1,494
1,217,459
Global Infrastructure Solutions, Inc., 07/15/34(a)(d)
 
194
195,000
Heathrow Finance PLC, 4.13%, 09/01/29(f)(l)
GBP
100
124,569
IHS Holding Ltd., 6.25%, 11/29/28(a)
USD
200
199,188
Weekley Homes LLC/Weekley Finance Corp., 6.75%,
01/15/34(a)
 
167
167,444
 
 
2,246,023
Consumer Finance — 1.3%
Block, Inc.(c)
 
5.63%, 08/15/30(a)
 
135
135,338
6.50%, 05/15/32
 
917
936,180
6.00%, 08/15/33(a)
 
355
357,451
ION Platform Finance SARL(f)
 
7.88%, 05/01/29
EUR
100
102,847
6.50%, 09/30/30
 
100
91,717
ION Platform Finance U.S., Inc., 7.88%, 09/30/32(a)(c)
USD
530
384,009
Kaspi.KZ JSC, 5.90%, 04/28/31(a)
 
200
199,780
Navient Corp.
 
9.38%, 10/15/31
 
159
158,395
72
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Consumer Finance (continued)
Navient Corp. (continued)
 
7.88%, 06/15/32(c)
USD
133
$ 124,477
OneMain Finance Corp.
 
6.63%, 05/15/29
 
119
121,340
5.38%, 11/15/29(c)
 
189
185,639
7.88%, 03/15/30(c)
 
370
385,179
6.13%, 05/15/30(c)
 
327
326,983
4.00%, 09/15/30
 
179
165,457
7.50%, 05/15/31
 
46
47,523
7.13%, 11/15/31
 
97
98,677
6.75%, 03/15/32(c)
 
330
330,794
7.13%, 09/15/32
 
133
135,239
6.50%, 03/15/33(c)
 
357
351,299
6.75%, 09/15/33(c)
 
519
513,777
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
 
6.75%, 08/15/32(a)(c)
 
520
520,994
5.50%, 05/15/33(a)
EUR
270
302,001
5.50%, 05/15/33(f)
 
100
111,852
SLM Corp., (1-day SOFR Index + 2.71%), 6.50%,
05/15/32(b)
USD
125
124,855
WEX, Inc., 6.50%, 03/15/33(a)(c)
 
339
337,539
Worldline SA, 0.00%, 07/30/26(f)(j)(k)
EUR
3
2,809
 
 
6,552,151
Consumer Staples Distribution & Retail — 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(a)(c)
 
6.25%, 03/15/33
USD
139
137,775
5.75%, 03/31/34
 
360
342,844
B&M European Value Retail PLC, 6.50%, 11/27/31(f)
GBP
100
130,696
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(f)
 
100
124,606
Boots Group Finco LP(a)
 
5.38%, 08/31/32
EUR
360
421,518
7.38%, 08/31/32
GBP
160
219,139
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc.(a)
 
9.00%, 02/15/29
USD
163
170,637
7.13%, 04/30/33
 
221
225,121
Lion/Polaris Lux Midco SARL, (3-mo. EURIBOR +
3.63%), 5.94%, 07/01/29(b)(f)
EUR
100
114,912
Performance Food Group, Inc.(a)(c)
 
4.25%, 08/01/29
USD
171
165,984
6.13%, 09/15/32
 
277
280,388
5.63%, 03/01/34
 
379
371,987
Simmons Foods, Inc./Simmons Prepared Foods,
Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%,
03/01/29(a)
 
129
124,625
U.S. Foods, Inc., 7.25%, 01/15/32(a)(c)
 
184
190,940
United Natural Foods, Inc., 6.75%, 10/15/28(a)
 
195
195,025
 
 
3,216,197
Containers & Packaging — 2.1%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%,
06/30/27(a)(g)(h)(i)
 
—
—
Ardagh Group SA
 
9.50%, 12/01/30(a)
 
908
970,700
(4.50% Cash + 7.50% PIK), 11.00%, 12/01/30(f)(i)
EUR
208
225,346
(5.00% Cash + 6.00% PIK), 11.00%, 12/01/30(a)(c)(i)
USD
200
191,000
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC(a)
 
3.25%, 09/01/28
 
200
191,514
4.00%, 09/01/29(c)
 
1,600
1,520,908
6.25%, 01/30/31(c)
 
315
318,525
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Ball Corp., 4.25%, 07/01/32
EUR
145
$ 167,901
Clydesdale Acquisition Holdings, Inc.(a)(c)
 
6.63%, 04/15/29
USD
256
255,679
6.88%, 01/15/30
 
231
230,140
6.75%, 04/15/32
 
360
349,418
Crown Americas LLC, 5.88%, 06/01/33(c)
 
266
267,870
Fedrigoni SpA, 6.13%, 06/15/31(f)
EUR
100
115,919
LD Celulose International GmbH, 7.95%, 01/26/32(a)
USD
200
209,020
Mauser Packaging Solutions Holding Co.(a)
 
7.88%, 04/15/30(c)
 
3,672
3,753,959
9.25%, 04/15/30
 
249
244,967
Multi-Color Corp., (7.50% Cash or 1.00% PIK), 8.50%,
05/11/33(a)(i)
 
573
502,502
OI European Group BV, 5.25%, 06/01/29(f)
EUR
100
116,277
Silgan Holdings, Inc., 4.25%, 02/15/31(a)
 
305
346,081
Sword Purchaser LLC, 8.25%, 04/15/33(a)(c)
USD
270
279,388
Trivium Packaging Finance BV
 
6.63%, 07/15/30(f)
EUR
100
119,814
6.63%, 07/15/30(a)
 
100
119,814
12.25%, 01/15/31(a)
USD
200
221,068
 
 
10,717,810
Distributors(a) — 0.3%
Core & Main LP, 07/01/34(d)
 
821
824,861
Dealer Tire Financial LLC, 10/01/31(d)
 
93
92,668
Gates Corp., 6.88%, 07/01/29
 
196
200,464
Resideo Funding, Inc.
 
4.00%, 09/01/29
 
59
56,573
6.50%, 07/15/32
 
230
231,150
 
 
1,405,716
Diversified REITs — 0.6%
Digital Realty Trust LP, 1.88%, 11/15/29(a)(j)
 
85
91,077
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(a)
 
143
137,399
Iron Mountain, Inc.
 
5.25%, 07/15/30(a)
 
23
22,656
5.63%, 07/15/32(a)
 
19
18,780
6.25%, 01/15/33(a)
 
12
12,126
4.75%, 01/15/34(a)
EUR
500
567,504
4.75%, 01/15/34(f)
 
100
113,501
6.25%, 01/15/35(a)
USD
939
942,660
Millrose Properties, Inc.(a)(c)
 
6.38%, 08/01/30
 
528
535,154
6.25%, 09/15/32
 
342
344,976
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital
LLC, 6.00%, 01/15/30(a)
 
123
120,149
 
 
2,905,982
Diversified Telecommunication Services — 6.0%
APLD ComputeCo 2 LLC, 6.75%, 03/15/31(a)(c)
 
664
666,386
APLD ComputeCo 3 LLC, 7.00%, 06/15/31(a)
 
819
817,321
APLD ComputeCo LLC, 9.25%, 12/15/30(a)(c)
 
319
344,132
AT&T, Inc., 4.30%, 02/15/30(c)
 
450
444,073
Cipher Compute LLC, 7.13%, 11/15/30(a)(c)
 
406
422,046
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(a)(c)
 
214
225,180
Core Scientific Finance I LLC, 7.75%, 05/15/31(a)(c)
 
902
914,678
EchoStar Corp.(c)
 
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(i)
 
961
976,584
10.75%, 11/30/29
 
2,270
2,452,750
eircom Finance DAC, 5.00%, 04/30/31(f)
EUR
100
115,619
Eutelsat SA, 1.50%, 10/13/28(f)
 
100
110,008
Schedule of Investments
73
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Fibercop SpA
 
4.75%, 06/30/30(f)
EUR
100
$ 116,418
5.13%, 06/30/32(f)
 
100
117,392
6.00%, 09/30/34(a)(c)
USD
242
233,702
7.20%, 07/18/36(a)(c)
 
200
205,090
Flash Compute LLC, 7.25%, 12/31/30(a)(c)
 
961
988,122
Level 3 Financing, Inc.(a)(c)
 
6.88%, 06/30/33
 
1,917
1,969,298
7.00%, 03/31/34
 
1,784
1,839,550
8.50%, 01/15/36
 
1,871
2,009,143
7.50%, 02/15/37
 
720
738,993
Ligado Networks LLC, (15.50% PIK), 15.50%,
11/01/23(a)(g)(h)(i)
 
257
113,214
Meridian Arc Holdco LLC, 6.25%, 04/30/31(a)(c)
 
4,323
4,332,684
PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(a)(c)
 
1,291
1,289,137
Sable International Finance Ltd., 7.13%, 10/15/32(a)(c)
 
493
489,312
SE Cosmos LLC, 8.88%, 05/01/31(a)
 
1,251
1,286,118
SoftBank Group Corp., 6.38%, 04/22/30(f)
EUR
100
117,095
Stingray Compute LLC, 6.00%, 06/15/31(a)
USD
319
319,629
SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(a)(c)
 
1,735
1,709,987
Telecom Italia Capital SA, 7.72%, 06/04/38
 
372
427,166
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC(a)
 
6.50%, 02/15/29
 
85
84,329
Series Feb, 8.63%, 06/15/32(c)
 
778
811,622
Uniti Services LLC, 7.50%, 10/15/33(a)(c)
 
390
410,427
Verizon Communications, Inc., 3.70%, 03/22/61(c)
 
400
267,480
Windstream Services LLC/Windstream Escrow Finance
Corp., 8.25%, 10/01/31(a)(c)
 
1,050
1,107,283
Yondr JK 1 LLC, 6.88%, 06/30/31(a)
 
266
266,668
Zayo Group Holdings, Inc.(a)(i)
 
(5.75% Cash and 0.50% PIK), 9.25%, 03/09/30(c)
 
1,782
1,780,286
(7.13% Cash and 1.88% PIK), 13.75%, 09/09/30
 
563
556,244
 
 
31,075,166
Electric Utilities — 0.9%
Alpha Generation LLC, 6.75%, 10/15/32(a)(c)
 
299
304,503
California Buyer Ltd./Atlantica Sustainable Infrastructure
PLC, 6.38%, 02/15/32(a)
 
225
225,556
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(a)(c)
 
400
405,932
Minejesa Capital BV, 5.63%, 08/10/37(a)
 
200
190,500
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(f)
 
119
117,362
MVM Energetika Zrt, 7.50%, 06/09/28(f)
 
200
208,288
Public Power Corp. SA, 4.63%, 10/31/31(f)
EUR
100
115,870
Renew Treasury Ifsc Pvt Ltd., 6.50%, 02/02/31(a)
USD
200
198,282
Texas Competitive Electric Holdings Co. LLC, 5.03%,
11/10/21(e)(g)(h)
 
780
—
TransAlta Corp., 5.88%, 02/01/34
 
54
53,195
VoltaGrid LLC, 7.38%, 11/01/30(a)(c)
 
1,281
1,329,897
XPLR Infrastructure Operating Partners LP(a)
 
8.38%, 01/15/31(c)
 
547
583,375
8.63%, 03/15/33
 
135
144,769
7.75%, 04/15/34(c)
 
686
722,063
 
 
4,599,592
Electronic Equipment, Instruments & Components(a) — 0.1%
Coherent Corp., 5.00%, 12/15/29(c)
 
94
92,552
Sensata Technologies, Inc.
 
4.38%, 02/15/30(c)
 
181
176,045
3.75%, 02/15/31
 
54
50,492
Security
 
Par
(000)
Value
Electronic Equipment, Instruments & Components (continued)
Sensata Technologies, Inc. (continued)
 
6.63%, 07/15/32(c)
USD
227
$ 233,474
Zebra Technologies Corp., 6.50%, 06/01/32
 
117
118,425
 
 
670,988
Energy Equipment & Services — 0.7%
Archrock Partners LP/Archrock Partners Finance Corp.,
6.63%, 09/01/32(a)
 
501
510,963
Archrock Services LP/Archrock Partners Finance Corp.,
6.00%, 02/01/34(a)(c)
 
296
294,223
Enerflex, Inc., 6.88%, 01/15/31(a)
 
38
38,891
Kodiak Gas Services LLC(a)(c)
 
5.88%, 04/01/31
 
243
243,623
6.50%, 10/01/33
 
318
322,342
6.75%, 10/01/35
 
298
305,708
Oceaneering International, Inc., 6.00%, 02/01/28
 
71
72,016
OEG Finance PLC, 7.25%, 09/27/29(f)
EUR
100
118,314
Star Holding LLC, 8.75%, 08/01/31(a)(c)
USD
256
256,592
Tidewater, Inc., 9.13%, 07/15/30(a)
 
206
220,428
USA Compression Partners LP/USA Compression
Finance Corp.(a)(c)
 
7.13%, 03/15/29
 
291
298,083
6.25%, 10/01/33
 
557
552,226
Weatherford International Ltd., 6.75%, 10/15/33(a)(c)
 
556
567,284
 
 
3,800,693
Entertainment — 0.5%
Churchill Downs, Inc.(a)
 
4.75%, 01/15/28
 
137
135,667
5.75%, 04/01/30
 
511
510,516
6.75%, 05/01/31(c)
 
392
398,857
Cinemark USA, Inc., 7.00%, 08/01/32(a)
 
75
77,374
Live Nation Entertainment, Inc., 4.75%, 10/15/27(a)(c)
 
157
156,656
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%,
02/15/31(a)(c)
 
400
337,518
Pinewood Finco PLC, 6.00%, 03/27/30(f)
GBP
100
132,663
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30(a)(c)
USD
190
162,387
Six Flags Entertainment Corp/Canada’s Wonderland
Co/Millennium Operations LLC, 8.63%, 01/15/32(a)
 
110
113,264
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30(a)
 
232
221,270
Vail Resorts, Inc., 6.50%, 05/15/32(a)(c)
 
329
335,085
 
 
2,581,257
Environmental, Maintenance & Security Service — 0.7%
Biffa Group Holdings Ltd., 5.25%, 06/15/31(f)
EUR
100
114,550
GFL Environmental Holdings U.S., Inc.(a)
 
5.63%, 07/01/31
USD
149
148,981
5.50%, 02/01/34(c)
 
252
246,478
GFL Environmental, Inc.(a)(c)
 
4.00%, 08/01/28
 
121
118,139
4.38%, 08/15/29
 
405
393,682
6.75%, 01/15/31
 
254
261,310
Luna 15 SARL(i)
 
(10.50% PIK), 10.50%, 07/01/32(a)
EUR
200
242,942
(10.50% PIK), 10.50%, 07/01/32(f)
 
100
121,471
Madison IAQ LLC(a)
 
4.13%, 06/30/28
USD
240
236,103
5.88%, 06/30/29(c)
 
554
554,286
Paprec Holding SA, 4.13%, 07/15/30(f)
EUR
100
113,953
Reworld Holding Corp., 4.88%, 12/01/29(a)
USD
142
135,436
Waste Pro USA, Inc., 7.00%, 02/01/33(a)(c)
 
941
962,917
 
 
3,650,248
74
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Financial Services — 1.9%
Azorra Finance Ltd.(a)
 
7.75%, 04/15/30
USD
174
$ 180,684
7.25%, 01/15/31
 
44
45,207
6.25%, 02/15/34
 
45
43,634
CrossCountry Intermediate HoldCo LLC(a)
 
6.50%, 10/01/30
 
77
75,894
6.75%, 12/01/32
 
100
96,547
Freedom Mortgage Holdings LLC(a)
 
6.88%, 05/01/31
 
27
26,202
9.13%, 05/15/31
 
170
175,763
8.38%, 04/01/32
 
33
33,567
7.88%, 04/01/33
 
30
29,257
Garfunkelux Holdco 3 SA, 9.00%, 09/01/28(f)
EUR
46
52,696
GGAM Finance Ltd., 6.88%, 04/15/29(a)
USD
90
91,962
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(a)
 
359
364,766
Intrum Investments And Financing AB, 8.00%,
09/11/27(f)
EUR
100
114,327
JPMorgan Chase & Co., (1-day SOFR + 1.13%), 5.00%,
07/22/30(b)(c)
USD
1,000
1,006,771
Midcap Financial Issuer Trust(a)(c)
 
6.50%, 05/01/28
 
200
199,686
5.63%, 01/15/30
 
400
385,564
Morgan Stanley, (1-day SOFR + 1.26%), 5.66%,
04/18/30(b)(c)
 
1,000
1,021,510
PennyMac Financial Services, Inc.(a)
 
7.88%, 12/15/29(c)
 
258
268,299
7.13%, 11/15/30(c)
 
148
149,980
6.88%, 05/15/32
 
277
271,082
6.75%, 02/15/34
 
138
132,469
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(a)(c)
 
587
606,377
PRA Group Europe Holding II SARL, 6.25%, 09/30/32(f)
EUR
100
112,455
Rocket Cos., Inc.(a)
 
6.50%, 08/01/29(c)
USD
232
236,801
6.13%, 08/01/30(c)
 
349
354,993
6.13%, 08/01/31(c)
 
512
522,917
7.13%, 02/01/32(c)
 
580
602,000
6.38%, 08/01/33(c)
 
906
921,370
6.50%, 06/15/34
 
292
299,498
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
4.00%, 10/15/33(a)
 
28
25,201
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%,
01/14/31(i)
EUR
100
16,153
United Wholesale Mortgage LLC, 5.50%, 04/15/29(a)
USD
83
77,103
UWM Holdings LLC(a)(c)
 
6.63%, 02/01/30
 
441
410,917
6.25%, 03/15/31
 
681
606,923
WS Escrow LLC, 7.75%, 06/01/33(a)
 
78
80,092
 
 
9,638,667
Food Products — 1.0%
Aramark Services, Inc., 5.00%, 02/01/28(a)
 
194
193,611
B&G Foods, Inc., 8.00%, 09/15/28(a)
 
89
89,081
Chobani LLC/Chobani Finance Corp., Inc.(a)(c)
 
4.63%, 11/15/28
 
251
248,563
7.63%, 07/01/29
 
1,323
1,364,246
6.38%, 04/15/34
 
1,548
1,571,058
Darling Global Finance BV
 
4.50%, 07/15/32(a)
EUR
180
207,402
4.50%, 07/15/32(f)
 
100
115,223
Darling Ingredients, Inc., 6.00%, 06/15/30(a)
USD
43
43,282
Elior Group SA, 5.63%, 03/15/30(f)
EUR
100
112,278
Security
 
Par
(000)
Value
Food Products (continued)
Froneri Lux FinCo SARL, 4.75%, 08/01/32(f)
EUR
100
$ 111,511
Irca SpA, (3-mo. EURIBOR + 3.75%), 6.15%,
12/15/29(b)(f)
 
100
114,847
Lamb Weston Holdings, Inc.(a)
 
4.88%, 05/15/28
USD
51
50,663
4.13%, 01/31/30(c)
 
106
101,646
Post Holdings, Inc.(a)
 
4.63%, 04/15/30(c)
 
118
113,995
4.50%, 09/15/31
 
32
30,020
6.25%, 02/15/32
 
102
103,536
6.38%, 03/01/33
 
71
70,458
6.25%, 10/15/34(c)
 
143
140,505
6.50%, 03/15/36(c)
 
470
464,662
 
 
5,246,587
Ground Transportation — 0.4%
Genesee & Wyoming, Inc., 6.25%, 04/15/32(a)
 
290
294,156
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a)(c)
 
1,093
1,114,745
PODS LLC, 8.75%, 05/15/31(a)
 
220
214,956
Union Pacific Corp., 3.20%, 05/20/41(c)
 
200
155,853
Watco Cos. LLC/Watco Finance Corp., 7.13%,
08/01/32(a)
 
216
221,787
 
 
2,001,497
Health Care Equipment & Supplies(a) — 0.6%
Avantor Funding, Inc.
 
4.63%, 07/15/28(c)
 
211
208,785
3.88%, 11/01/29
 
209
199,529
Bausch & Lomb Corp., 8.38%, 10/01/28(c)
 
1,333
1,369,657
Insulet Corp., 6.50%, 04/01/33
 
192
194,701
Medline Borrower LP, 5.25%, 10/01/29(c)
 
769
764,301
Neogen Food Safety Corp., 8.63%, 07/20/30
 
184
193,537
 
 
2,930,510
Health Care Providers & Services — 1.8%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(a)(c)
 
123
126,619
AHP Health Partners, Inc., 5.75%, 07/15/29(a)(c)
 
139
137,265
CHS/Community Health Systems, Inc.(a)
 
5.25%, 05/15/30(c)
 
631
595,431
4.75%, 02/15/31(c)
 
368
338,546
10.88%, 01/15/32
 
206
221,850
9.75%, 01/15/34(c)
 
1,476
1,541,064
Concentra Health Services, Inc., 6.88%, 07/15/32(a)(c)
 
340
351,946
DaVita, Inc.(a)
 
6.88%, 09/01/32
 
93
95,913
6.75%, 07/15/33
 
57
58,815
Ephios Subco 3 SARL, 7.88%, 01/31/31(f)
EUR
100
120,482
Fortrea Holdings, Inc., 7.50%, 07/01/30(a)
USD
153
155,103
HAH Group Holding Co. LLC, 9.75%, 10/01/31(a)
 
154
137,874
HCA, Inc., 5.50%, 06/15/47(c)
 
280
260,887
HealthEquity, Inc., 4.50%, 10/01/29(a)(c)
 
409
397,365
IQVIA, Inc., 6.25%, 06/01/32(a)(c)
 
556
565,273
LifePoint Health, Inc.(a)(c)
 
10.00%, 06/01/32
 
282
281,524
7.00%, 05/01/34
 
706
676,674
Molina Healthcare, Inc.(a)
 
6.50%, 02/15/31(c)
 
324
329,604
6.25%, 01/15/33
 
41
41,069
Option Care Health, Inc., 4.38%, 10/31/29(a)
 
39
37,471
Prime Healthcare Services, Inc., 9.38%, 09/01/29(a)
 
118
123,273
Sotera Health Holdings LLC, 7.38%, 06/01/31(a)
 
196
203,225
Star Parent, Inc., 9.00%, 10/01/30(a)(c)
 
744
778,635
Schedule of Investments
75
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Surgery Center Holdings, Inc., 7.25%, 04/15/32(a)(c)
USD
878
$ 888,835
Tenet Healthcare Corp.
 
6.13%, 06/15/30(c)
 
250
251,832
6.75%, 05/15/31(c)
 
451
462,007
6.00%, 11/15/33(a)
 
69
69,603
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(a)(c)
 
284
267,765
 
 
9,515,950
Health Care REITs — 0.3%
Diversified Healthcare Trust, 7.25%, 10/15/30(a)
 
133
136,893
MPT Operating Partnership LP/MPT Finance Corp.
 
7.00%, 02/15/32(a)
EUR
260
298,619
7.00%, 02/15/32(f)
 
100
114,854
8.50%, 02/15/32(a)(c)
USD
819
838,484
 
 
1,388,850
Hotel & Resort REITs — 0.7%
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(a)(c)
 
224
229,325
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%,
10/15/29(a)
 
123
125,097
RHP Hotel Properties LP/RHP Finance Corp.(a)
 
4.50%, 02/15/29(c)
 
96
94,124
6.50%, 04/01/32(c)
 
342
349,958
6.50%, 06/15/33
 
225
230,839
5.75%, 03/15/34(c)
 
250
247,681
Service Properties Trust
 
0.00%, 09/30/28(a)(k)
 
261
242,002
8.63%, 11/15/31(a)(c)
 
1,418
1,493,792
8.88%, 06/15/32(c)
 
213
219,296
XHR LP, 6.63%, 05/15/30(a)
 
121
123,793
 
 
3,355,907
Hotels, Restaurants & Leisure — 1.7%
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc.(a)
 
3.88%, 01/15/28
 
108
105,970
4.38%, 01/15/28(c)
 
134
132,478
4.00%, 10/15/30(c)
 
351
331,361
Caesars Entertainment, Inc.(a)
 
4.63%, 10/15/29
 
62
59,596
7.00%, 02/15/30(c)
 
1,335
1,342,684
6.50%, 02/15/32(c)
 
547
533,583
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.(a)(c)
 
4.63%, 01/15/29
 
436
423,964
6.75%, 01/15/30
 
136
133,375
Great Canadian Gaming Corp./Raptor LLC, 8.75%,
11/15/29(a)(c)
 
310
310,151
Hilton Domestic Operating Co., Inc.(a)
 
5.50%, 09/15/31(c)
 
570
571,458
5.50%, 03/31/34
 
36
35,691
Light & Wonder International, Inc.(a)
 
7.25%, 11/15/29
 
51
51,922
7.50%, 09/01/31(c)
 
87
90,173
6.25%, 10/01/33
 
77
76,583
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(a)
 
267
223,892
Melco Resorts Finance Ltd., 7.63%, 04/17/32(a)(c)
 
461
472,539
MGM China Holdings Ltd., 6.25%, 05/15/33(a)
 
203
199,153
MGM Resorts International, 6.13%, 09/15/29(c)
 
260
262,550
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 8.25%, 04/15/30(a)
 
250
260,400
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Pioneer Opco LLC, 7.00%, 05/15/33(a)
USD
200
$ 203,521
Premier Entertainment Sub LLC/Premier Entertainment
Finance Corp.(a)
 
5.63%, 09/01/29
 
116
80,684
5.88%, 09/01/31
 
166
107,900
Rivers Enterprise Borrower LLC, 6.25%, 10/15/30(a)
 
140
141,749
Rivers Enterprise Borrower LLC/Rivers Enterprise
Finance Corp., 6.63%, 02/01/33(a)
 
166
168,484
Station Casinos LLC, 6.63%, 03/15/32(a)
 
99
100,542
Voyager Parent LLC, 9.25%, 07/01/32(a)(c)
 
288
304,577
Wynn Macau Ltd.(a)
 
5.63%, 08/26/28(c)
 
800
793,360
5.13%, 12/15/29(c)
 
410
400,178
6.75%, 02/15/34
 
200
198,770
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp.(a)
 
5.13%, 10/01/29(c)
 
307
304,940
7.13%, 02/15/31(c)
 
403
425,897
6.25%, 03/15/33
 
190
190,712
 
 
9,038,837
Household Durables — 0.9%
Ashton Woods USA LLC/Ashton Woods Finance Co.(a)
 
4.63%, 08/01/29
 
100
96,293
4.63%, 04/01/30
 
145
137,568
6.88%, 08/01/33
 
138
136,781
Beazer Homes USA, Inc., 8.00%, 01/15/32(a)
 
105
105,282
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC(a)
 
5.00%, 06/15/29
 
2
1,904
4.88%, 02/15/30(c)
 
476
442,964
Century Communities, Inc., 6.63%, 09/15/33(a)(c)
 
173
174,688
Dream Finders Homes, Inc., 8.25%, 08/15/28(a)
 
115
117,590
Empire Communities Corp., 9.75%, 05/01/29(a)
 
51
52,723
K Hovnanian Enterprises, Inc.(a)(c)
 
8.00%, 04/01/31
 
331
341,480
8.38%, 10/01/33
 
305
313,381
LGI Homes, Inc.(a)
 
8.75%, 12/15/28
 
89
91,970
7.00%, 11/15/32
 
161
159,995
Mattamy Group Corp., 6.00%, 12/15/33(a)
 
68
65,274
Meritage Homes Corp., 1.75%, 05/15/28(c)(j)
 
390
401,895
Newell Brands, Inc.
 
8.50%, 06/01/28(a)
 
215
224,625
6.63%, 09/15/29
 
58
58,969
6.38%, 05/15/30
 
105
106,428
6.63%, 05/15/32
 
213
215,695
Risewell Homes, Inc.(a)
 
9.25%, 10/01/29(c)
 
224
231,689
8.50%, 11/01/30
 
57
58,194
Somnigroup International, Inc.(a)
 
4.00%, 04/15/29
 
204
196,658
3.88%, 10/15/31
 
48
44,117
STL Holding Co. LLC, 8.75%, 02/15/29(a)
 
120
124,602
SWF Holdings I Corp., 6.50%, 10/06/29(a)
 
210
27,248
Whirlpool Corp.(a)
 
7.50%, 07/01/31
 
345
349,122
7.88%, 07/01/34(c)
 
395
396,620
 
 
4,673,755
76
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Household Products — 0.0%
Berkline Benchcraft LLC, (4.50% PIK), 4.50%,
06/01/22(b)(e)(g)(h)(i)
USD
200
$ —
Independent Power and Renewable Electricity Producers(a) — 1.8%
Clearway Energy Operating LLC(c)
 
4.75%, 03/15/28
 
279
276,437
3.75%, 01/15/32
 
114
103,747
NRG Energy, Inc.
 
5.75%, 07/15/29
 
3
3,001
6.00%, 02/01/33(c)
 
808
812,315
5.75%, 01/15/34(c)
 
278
275,829
5.88%, 05/15/34
 
21
20,889
6.25%, 11/01/34(c)
 
105
106,315
6.00%, 01/15/36(c)
 
1,294
1,289,955
6.13%, 05/15/36(c)
 
762
762,353
Talen Energy Supply LLC(c)(m)
 
(Acquired 04/30/26, Cost $ 2,112,000), 6.13%,
05/01/31
 
2,112
2,112,040
(Acquired 04/30/26, Cost $ 3,571,000), 6.38%,
05/01/33
 
3,571
3,566,493
Vistra Corp., (5-year CMT + 6.93%), 8.00%(b)(n)
 
181
182,393
 
 
9,511,767
Industrial Conglomerates — 0.1%
Avient Corp., 6.25%, 11/01/31(a)
 
158
160,105
Enpro, Inc., 6.13%, 06/01/33(a)
 
161
163,109
Maxam Prill SARL, 6.00%, 07/15/30(f)
EUR
100
116,617
 
 
439,831
Insurance — 3.9%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer(a)
 
4.25%, 10/15/27(c)
USD
421
415,927
6.75%, 04/15/28(c)
 
282
284,252
5.88%, 11/01/29(c)
 
593
579,570
7.00%, 01/15/31(c)
 
1,048
1,065,038
6.50%, 10/01/31
 
40
39,890
7.38%, 10/01/32(c)
 
501
497,271
AmWINS Group, Inc., 6.38%, 02/15/29(a)
 
100
100,489
Amynta Agency Borrower, Inc. and Amynta Warranty
Borrower, Inc., 7.50%, 07/15/33(a)(c)
 
337
322,552
APH Somerset Investor 2 LLC/APH2 Somerset Investor
2 LLC/APH3 Somerset Investor 2 LLC, 7.88%,
11/01/29(a)
 
263
266,314
Ardonagh Finco Ltd.
 
6.88%, 02/15/31(f)
EUR
330
379,502
7.75%, 02/15/31(a)(c)
USD
1,395
1,410,717
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(a)(c)
 
1,487
1,444,538
Asurion LLC/Asurion Co-Issuer, Inc.(a)(c)
 
8.00%, 12/31/32
 
924
930,982
8.38%, 02/01/34
 
822
760,908
CRC Insurance Group LLC, 7.13%, 06/01/31(a)(c)
 
1,905
1,898,925
Howden U.K. Refinance PLC/Howden U.K. Refinance
2 PLC/Howden U.S. Refinance LLC(a)(c)
 
7.25%, 02/15/31
 
1,000
968,629
8.13%, 02/15/32
 
348
311,940
HUB International Ltd.(a)(c)
 
7.25%, 06/15/30
 
2,764
2,836,519
7.38%, 01/31/32
 
4,149
4,223,184
Jones Deslauriers Insurance Management, Inc.(a)
 
8.50%, 03/15/30(c)
 
747
761,915
Security
 
Par
(000)
Value
Insurance (continued)
Jones Deslauriers Insurance Management,
Inc.(a) (continued)
 
6.88%, 10/01/33
USD
307
$ 284,716
Ryan Specialty LLC, 4.38%, 02/01/30(a)
 
33
31,800
USI, Inc., 7.50%, 01/15/32(a)(c)
 
508
512,787
 
 
20,328,365
Interactive Media & Services — 1.3%
Beignet Investor LLC, 6.58%, 05/30/49(a)(c)
 
5,386
5,485,637
iliad SA(f)
 
5.63%, 02/15/30
EUR
100
120,939
4.25%, 01/09/32
 
100
114,993
ION Platform Finance U.S., Inc./ION Platform Finance
SARL(a)
 
4.63%, 05/01/28
USD
122
111,022
5.00%, 05/01/28(c)
 
373
342,693
8.75%, 05/01/29
 
157
140,105
Prosus NV, 4.03%, 08/03/50(f)
 
200
141,000
Snap, Inc.(a)
 
6.88%, 03/01/33(c)
 
347
338,232
6.88%, 03/15/34
 
177
171,359
 
 
6,965,980
Internet Software & Services(a) — 0.2%
Getty Images, Inc., 10.50%, 11/15/30
 
118
98,376
Match Group Holdings II LLC
 
4.63%, 06/01/28
 
157
154,856
4.13%, 08/01/30
 
198
186,349
3.63%, 10/01/31(c)
 
164
147,558
6.13%, 09/15/33
 
260
256,928
Rakuten Group, Inc., 9.75%, 04/15/29(c)
 
200
217,362
Wayfair LLC, 7.13%, 05/31/34
 
119
122,352
 
 
1,183,781
IT Services — 0.7%
Almaviva-The Italian Innovation Co. SpA, 5.00%,
10/30/30(f)
EUR
100
111,449
Amentum Holdings, Inc., 7.25%, 08/01/32(a)
USD
87
89,608
Atos Group, 9.73%, 12/18/26(f)(l)
EUR
36
47,532
CACI International, Inc., 6.38%, 06/15/33(a)(c)
USD
298
302,238
CDK Steerco Coop(e)
 
7.25%, 06/15/29
 
500
320,000
8.00%, 06/15/29
 
157
100,480
CoreWeave, Inc.(a)
 
9.25%, 06/01/30(c)
 
495
498,215
9.00%, 02/01/31
 
39
38,540
9.75%, 10/01/31(c)
 
917
914,977
Fair Isaac Corp.(a)
 
4.00%, 06/15/28
 
354
346,298
6.00%, 05/15/33(c)
 
348
342,685
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(a)(c)
 
374
380,220
McAfee Corp., 7.38%, 02/15/30(a)(c)
 
305
259,171
 
 
3,751,413
Leisure Products — 0.9%
A&K Travel Group Holdings Ltd., 7.50%, 05/15/33(a)
 
365
368,471
Carnival Corp. Ltd.(a)
 
5.88%, 06/15/31
 
21
21,378
5.75%, 08/01/32(c)
 
214
216,090
6.13%, 02/15/33(c)
 
805
814,777
Carnival U.K. Ltd., 4.13%, 07/15/31(a)
EUR
195
224,091
Schedule of Investments
77
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Leisure Products (continued)
Deuce Finco PLC, 7.00%, 11/20/31(f)
GBP
100
$ 135,621
Gaia Purchaser, Inc., 07/15/33(a)(d)
USD
532
538,101
Lindblad Expeditions LLC, 7.00%, 09/15/30(a)(c)
 
321
331,896
NCL Corp. Ltd.(a)(c)
 
6.75%, 02/01/32
 
92
91,793
6.25%, 09/15/33
 
266
258,331
Sabre Financial Borrower LLC, 11.13%, 06/15/29(a)(c)
 
816
861,251
TUI AG, 5.88%, 03/15/29(f)
EUR
100
117,269
Viking Cruises Ltd.(a)(c)
 
9.13%, 07/15/31
USD
549
575,234
5.88%, 10/15/33
 
161
161,251
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(a)
 
162
161,987
 
 
4,877,541
Machinery — 0.6%
ATS Corp., 4.13%, 12/15/28(a)
 
108
105,318
Chart Industries, Inc.(a)
 
7.50%, 01/01/30(c)
 
436
450,141
9.50%, 01/01/31
 
79
82,719
Columbus McKinnon Corp., 7.13%, 02/01/33(a)
 
200
200,426
Esab Corp.(a)
 
6.25%, 04/15/29
 
266
269,889
5.63%, 04/01/31(c)
 
168
168,182
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(a)(c)
 
145
106,575
IMA Industria Macchine Automatiche SpA, (3-mo.
EURIBOR + 3.75%), 5.95%, 04/15/29(b)(f)
EUR
100
115,573
King U.S. Bidco, Inc., (3-mo. EURIBOR + 3.25%),
5.45%, 12/01/32(b)(f)
 
100
115,406
Lsf12 Helix Parent LLC, 7.13%, 02/01/33(a)(c)
USD
379
366,953
Manitowoc Co., Inc., 9.25%, 10/01/31(a)
 
137
147,267
Solaris Energy Infrastructure LLC, 6.38%, 05/15/31(a)
 
77
77,859
Terex Corp., 6.25%, 10/15/32(a)(c)
 
172
174,194
TK Elevator Midco GmbH, 4.38%, 07/15/27(f)
EUR
59
67,385
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(a)
USD
292
292,044
Vertiv Group Corp., 4.13%, 11/15/28(a)
 
312
308,920
 
 
3,048,851
Media — 3.6%
Block Communications, Inc., 10.25%, 03/01/31(a)
 
80
73,169
Cable One, Inc., 1.13%, 03/15/28(j)
 
777
505,050
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
 
5.38%, 06/01/29
 
57
55,761
6.38%, 09/01/29(c)
 
1,282
1,280,707
4.75%, 03/01/30(c)
 
179
169,719
4.25%, 02/01/31(c)
 
861
775,401
4.75%, 02/01/32(c)
 
312
278,295
7.00%, 02/01/33(c)
 
314
307,935
4.25%, 01/15/34(c)
 
551
466,438
7.38%, 02/01/36(c)
 
925
907,133
Charter Communications Operating LLC/Charter
Communications Operating Capital, 5.38%,
05/01/47(c)
 
425
343,992
CSC Holdings LLC(a)
 
5.50%, 04/15/27
 
400
268,004
5.38%, 02/01/28
 
600
376,110
11.25%, 05/15/28
 
368
237,341
11.75%, 01/31/29
 
200
123,025
Directv Financing LLC, 8.88%, 02/01/30(a)(c)
 
484
492,588
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(a)(c)
 
5.88%, 08/15/27
 
56
55,919
10.00%, 02/15/31
 
1,089
1,130,061
Security
 
Par
(000)
Value
Media (continued)
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(a)(c) (continued)
 
9.25%, 06/01/32
USD
616
$ 625,884
Discovery Communications LLC
 
3.95%, 03/20/28
 
275
270,531
4.13%, 05/15/29
 
86
85,140
Discovery Global Holdings, Inc.
 
4.05%, 03/15/29
 
362
358,405
4.28%, 03/15/32(c)
 
965
865,943
5.05%, 03/15/42(c)
 
954
698,872
DISH DBS Corp.(a)
 
5.25%, 12/01/26
 
1,212
1,199,110
5.75%, 12/01/28
 
934
904,812
DISH Network Corp., 11.75%, 11/15/27(a)
 
1,301
1,336,845
Gray Media, Inc.(a)(c)
 
9.63%, 07/15/32
 
572
552,066
7.25%, 08/15/33
 
545
536,636
Grupo Televisa SAB, 6.63%, 01/15/40
 
50
43,889
LCPR Senior Secured Financing DAC, 6.75%,
10/15/27(a)
 
560
319,131
Midcontinent Communications, 8.00%, 08/15/32(a)
 
160
140,267
Sinclair Television Group, Inc., 8.13%, 02/15/33(a)(c)
 
655
672,794
Sirius XM Radio LLC(a)(c)
 
5.00%, 08/01/27
 
397
396,469
4.00%, 07/15/28
 
120
116,854
Sunrise FinCo I BV
 
4.88%, 07/15/31(a)(c)
 
249
235,482
4.63%, 05/15/32(f)
EUR
100
114,362
Univision Communications, Inc.(a)
 
8.50%, 07/31/31(c)
USD
666
668,882
9.38%, 08/01/32
 
172
174,759
8.88%, 04/15/33(c)
 
518
509,932
Versant Media Group, Inc., 7.25%, 01/30/31(a)
 
112
115,871
VZ Secured Financing BV, 5.25%, 01/15/33(f)
EUR
100
108,855
 
 
18,898,439
Metals & Mining — 2.0%
Arsenal AIC Parent LLC(a)
 
8.00%, 10/01/30
USD
186
193,849
11.50%, 10/01/31(c)
 
939
1,006,297
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(a)(c)
 
806
807,026
Carpenter Technology Corp., 5.63%, 03/01/34(a)
 
73
72,945
Cleveland-Cliffs, Inc., 6.88%, 11/01/29(a)(c)
 
437
440,839
Coeur Mining, Inc., 6.88%, 04/01/32(a)(c)
 
268
274,700
Commercial Metals Co.(a)(c)
 
5.75%, 11/15/33
 
115
114,321
6.00%, 12/15/35
 
176
175,544
Constellium SE(a)(c)
 
5.63%, 06/15/28
 
500
499,940
3.75%, 04/15/29
 
485
466,402
6.38%, 08/15/32
 
317
323,058
ERO Copper Corp., 6.50%, 02/15/30(a)
 
70
69,924
First Quantum Minerals Ltd.(a)
 
8.00%, 03/01/33
 
200
208,892
7.25%, 02/15/34
 
200
204,878
6.38%, 02/15/36(c)
 
524
513,751
Freeport Indonesia PT, 4.76%, 04/14/27(c)(f)
 
200
199,928
Glencore Funding LLC, 6.14%, 04/01/55(a)(c)
 
200
205,649
Hybar LLC, 7.38%, 07/01/34(a)
 
377
378,830
78
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Metals & Mining (continued)
Kaiser Aluminum Corp.(a)(c)
 
4.50%, 06/01/31
USD
770
$ 737,127
5.88%, 03/01/34
 
212
209,796
Marcobre SAC, 5.75%, 01/22/36(a)
 
200
197,150
Mineral Resources Ltd.(a)
 
6.00%, 05/01/32
 
124
122,665
6.25%, 05/01/34
 
124
121,929
Novelis Corp.(a)(c)
 
4.75%, 01/30/30
 
424
409,118
6.88%, 01/30/30
 
348
356,762
3.88%, 08/15/31
 
448
408,062
6.38%, 08/15/33
 
678
682,884
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(f)
EUR
200
224,841
Samarco Mineracao SA(i)
 
(9.00% Cash or 9.00% PIK), 9.50%, 06/30/31(f)
USD
94
94,933
(9.00% PIK), 9.50%, 06/30/31(a)
 
6
5,687
Skeena Resources Ltd., 8.50%, 04/01/31(a)
 
43
45,168
Vale Overseas Ltd., (5-year CMT + 2.43%), 6.00%,
02/25/56(a)(b)
 
200
199,498
Vallourec SACA, 7.50%, 04/15/32(a)(c)
 
517
540,343
Volcan Cia Minera SAA, 8.50%, 10/28/32(a)
 
71
73,194
 
 
10,585,930
Mortgage Real Estate Investment Trusts (REITs)(a) — 0.2%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27
 
284
280,912
Starwood Property Trust, Inc.
 
7.25%, 04/01/29
 
47
48,526
08/15/29(d)
 
156
156,466
6.00%, 04/15/30
 
90
90,328
6.50%, 07/01/30
 
62
63,316
6.50%, 10/15/30
 
191
195,409
6.13%, 06/01/31
 
148
148,782
 
 
983,739
Multi-Utilities(a) — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
 
9.50%, 06/01/30
 
123
131,982
6.88%, 06/01/31
 
205
207,557
 
 
339,539
Oil, Gas & Consumable Fuels — 7.2%
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(a)(c)
 
393
408,722
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 6.63%, 02/01/32(a)
 
230
234,916
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(a)
 
9.00%, 11/01/27
 
165
183,150
6.63%, 07/15/33(c)
 
105
106,192
Blue Racer Midstream LLC/Blue Racer Finance Corp.(a)
 
7.00%, 07/15/29(c)
 
224
229,613
7.25%, 07/15/32
 
180
186,220
Borr IHC Ltd./Borr Finance LLC(a)
 
8.75%, 01/15/32
 
200
195,250
9.00%, 01/15/34
 
200
192,894
Breakwater Energy Holdings SARL, 9.25%, 11/15/30(a)
 
250
263,770
Buckeye Partners LP
 
6.88%, 07/01/29(a)
 
20
20,417
6.75%, 02/01/30(a)
 
87
89,854
5.60%, 10/15/44
 
67
59,780
California Resources Corp.(a)
 
7.00%, 01/15/34
 
151
149,328
7.25%, 01/15/35
 
209
207,325
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Caturus Energy LLC(a)(c)
 
8.50%, 02/15/30
USD
623
$ 649,178
7.13%, 05/15/31
 
657
650,023
Chord Energy Corp., 6.75%, 03/15/33(a)
 
110
111,629
CITGO Petroleum Corp., 8.38%, 01/15/29(a)
 
778
800,413
CNX Resources Corp.(a)
 
7.25%, 03/01/32
 
114
117,448
5.88%, 03/01/34
 
43
41,845
Comstock Resources, Inc.(a)
 
6.75%, 03/01/29(c)
 
362
356,456
6.75%, 03/01/29
 
137
134,501
5.88%, 01/15/30(c)
 
360
339,540
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(a)(c)
 
1,617
1,587,174
Crescent Energy Finance LLC(a)
 
7.75%, 07/31/29
 
115
115,286
9.75%, 10/15/30(c)
 
138
146,280
7.63%, 04/01/32
 
251
253,024
7.88%, 04/15/32(c)
 
327
331,099
7.38%, 01/15/33(c)
 
206
204,763
8.38%, 01/15/34
 
165
169,950
CVR Energy, Inc.(a)
 
7.50%, 02/15/31
 
126
125,400
7.88%, 02/15/34
 
84
83,103
DBR Land Holdings LLC, 6.25%, 12/01/30(a)
 
173
175,702
Delek Logistics Partners LP/Delek Logistics Finance
Corp.(a)
 
7.38%, 06/30/33
 
291
296,458
6.88%, 06/01/34
 
121
120,430
Ecopetrol SA, 8.88%, 01/13/33
 
48
52,560
Enbridge, Inc., Series 2020-A, (5-year CMT + 5.31%),
5.75%, 07/15/80(b)(c)
 
2,000
2,011,892
Energy Transfer LP(c)
 
3.90%, 07/15/26
 
235
234,952
Series H, (5-year CMT + 5.69%), 6.50%(b)(n)
 
4,409
4,411,275
EQT Corp., 4.50%, 01/15/29
 
8
7,943
Genesis Energy LP/Genesis Energy Finance Corp.
 
8.00%, 05/15/33
 
51
53,048
6.75%, 03/15/34(a)(c)
 
529
524,916
Global Partners LP/GLP Finance Corp., 7.13%,
07/01/33(a)
 
125
126,482
Gulfport Energy Operating Corp., 6.75%, 09/01/29(a)
 
189
192,763
Harvest Midstream I LP(a)(c)
 
7.50%, 05/15/32
 
112
116,006
6.75%, 05/15/34
 
616
624,781
Hess Midstream Operations LP, 6.50%, 06/01/29(a)
 
222
226,537
Hilcorp Energy I LP/Hilcorp Finance Co.(a)
 
6.25%, 11/01/28
 
145
145,379
5.75%, 02/01/29
 
155
154,398
6.00%, 04/15/30
 
21
20,632
6.25%, 04/15/32
 
16
15,488
8.38%, 11/01/33(c)
 
301
313,422
6.88%, 05/15/34
 
211
205,297
7.25%, 02/15/35
 
83
81,723
Howard Midstream Energy Partners LLC(a)(c)
 
7.38%, 07/15/32
 
111
114,964
6.63%, 01/15/34
 
305
307,607
Impulsora Pipeline LLC, 6.05%, 01/01/43
 
1,217
1,063,603
Infinity Natural Resources LLC, 7.63%, 04/01/31(a)
 
200
198,645
ITT Holdings LLC, 6.50%, 08/01/29(a)(c)
 
615
607,792
Kinetik Holdings LP, 6.63%, 12/15/28(a)
 
58
58,959
Kraken Oil & Gas Partners LLC, 7.13%, 05/15/31(a)
 
79
77,243
Schedule of Investments
79
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas
Finance Corp., 6.88%, 12/01/32(a)
USD
148
$ 150,688
Matador Resources Co.(a)
 
6.50%, 04/15/32(c)
 
303
304,654
6.00%, 04/15/34
 
253
246,652
Murphy Oil Corp., 5.88%, 12/01/42
 
29
25,832
Nabors Industries, Inc., 7.63%, 11/15/32(a)
 
168
171,878
NGL Energy Operating LLC/NGL Energy Finance
Corp.(a)(c)
 
8.13%, 02/15/29
 
233
241,172
8.38%, 02/15/32
 
687
715,179
Noble Finance II LLC(a)
 
8.00%, 04/15/30(c)
 
48
49,736
6.25%, 06/15/34
 
163
159,750
Northern Oil & Gas, Inc., 7.88%, 10/15/33(a)(c)
 
358
355,723
Northriver Midstream Finance LP, 6.75%, 07/15/32(a)
 
172
174,183
Par Petroleum LLC, 7.38%, 06/01/34(a)
 
282
285,353
Parex Resources, Inc., 8.50%, 05/11/31(a)
 
200
203,200
PBF Holding Co. LLC/PBF Finance Corp.(a)
 
7.88%, 09/15/30
 
160
163,045
7.25%, 06/01/34
 
81
80,191
Permian Resources Operating LLC(a)
 
5.88%, 07/01/29(c)
 
205
204,972
7.00%, 01/15/32(c)
 
221
228,580
6.25%, 02/01/33
 
184
187,906
Petrobras Global Finance BV, 6.75%, 01/27/41
 
69
68,677
Petroleos Mexicanos
 
8.75%, 06/02/29
 
130
138,711
5.95%, 01/28/31
 
158
156,278
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%,
07/03/36(a)
 
50
52,040
Prairie Acquiror LP, 9.00%, 08/01/29(a)
 
192
199,433
PRIO Luxembourg Holding SARL, 6.75%, 10/15/30(a)
 
200
196,000
Raizen Fuels Finance SA, 6.45%, 02/25/37(a)(g)(h)
 
200
110,000
Rockies Express Pipeline LLC, 4.95%, 07/15/29(a)
 
51
50,332
Seadrill Finance Ltd., 6.75%, 07/15/34(a)
 
200
193,064
SM Energy Co.(a)(c)
 
8.75%, 07/01/31
 
179
186,972
6.63%, 04/15/34
 
647
636,857
Sunoco LP(a)
 
6.63%, 08/15/32
 
201
204,430
6.25%, 07/01/33
 
208
209,864
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(a)
 
5.50%, 01/15/28
 
148
147,686
7.38%, 02/15/29(c)
 
501
513,908
6.00%, 09/01/31
 
100
98,935
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(a)(c)
 
347
341,476
TransMontaigne Partners LLC, 8.50%, 06/15/30(a)
 
56
57,057
Transocean International Ltd.(a)
 
8.25%, 05/15/29(c)
 
46
47,499
8.75%, 02/15/30(c)
 
34
35,641
8.50%, 05/15/31(c)
 
313
324,954
7.88%, 10/15/32
 
183
191,041
Valaris Ltd., 8.38%, 04/30/30(a)(c)
 
237
246,119
Venture Global LNG, Inc.(a)(c)
 
9.50%, 02/01/29
 
1,306
1,405,714
6.38%, 12/15/34
 
1,337
1,313,953
6.63%, 06/15/36
 
1,026
1,011,306
Venture Global Plaquemines LNG LLC(a)(c)
 
6.13%, 12/15/30
 
611
625,150
7.50%, 05/01/33
 
290
318,279
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Venture Global Plaquemines LNG LLC(a)(c) (continued)
 
6.50%, 01/15/34
USD
864
$ 900,272
7.75%, 05/01/35
 
499
559,615
6.75%, 01/15/36
 
1,059
1,122,853
Vista Energy Argentina SAU, 8.50%, 06/10/33(a)
 
32
34,138
Wildfire Intermediate Holdings LLC, 7.50%,
10/15/29(a)(c)
 
392
402,021
 
 
37,334,409
Passenger Airlines — 0.2%
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(a)(c)
 
445
403,042
OneSky Flight LLC, 8.88%, 12/15/29(a)
 
250
264,369
United Airlines Holdings, Inc., 5.38%, 03/01/31(c)
 
91
90,346
WestJet Airlines Ltd., 8.00%, 02/14/31(a)
 
210
210,796
 
 
968,553
Personal Care Products — 0.1%
Opal Bidco SAS
 
5.50%, 03/31/32(f)
EUR
100
117,799
6.50%, 03/31/32(a)
USD
317
323,404
Perrigo Finance Unlimited Co.
 
5.15%, 06/15/30
 
200
192,317
6.13%, 09/30/32
 
95
90,735
 
 
724,255
Pharmaceuticals — 1.4%
1261229 B.C. Ltd., 10.00%, 04/15/32(a)(c)
 
4,600
4,659,046
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(a)
 
175
181,651
Bausch Health Cos., Inc.(a)
 
4.88%, 06/01/28
 
140
129,450
11.00%, 09/30/28
 
809
823,821
CVS Health Corp., 3.75%, 04/01/30(c)
 
500
483,456
Dolcetto Holdco SpA, 5.63%, 07/14/32(f)
EUR
100
114,929
Grifols SA, 7.13%, 05/01/30(f)
 
100
118,835
Gruenenthal GmbH, 4.63%, 11/15/31(f)
 
100
114,853
Nidda Healthcare Holding GmbH(f)
 
7.00%, 02/21/30
 
100
117,854
(3-mo. EURIBOR + 3.25%), 5.53%, 10/15/32(b)
 
100
114,555
Organon & Co./Organon Foreign Debt Co-Issuer BV,
4.13%, 04/30/28(a)(c)
USD
400
395,024
Rossini SARL, (3-mo. EURIBOR + 3.88%), 6.17%,
12/31/29(b)(f)
EUR
43
48,836
Teva Pharmaceutical Finance Netherlands III BV, 3.15%,
10/01/26(c)
USD
96
95,616
 
 
7,397,926
Real Estate Management & Development — 0.6%
Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%,
12/31/28(i)
EUR
49
63,294
Alexandrite Lake Lux Holdings SARL, 6.75%, 07/30/30(f)
 
100
114,075
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp.
 
7.00%, 04/15/30(a)
USD
39
39,219
Series AI, 7.00%, 04/15/30(c)
 
271
273,328
Anywhere Real Estate Group LLC/Realogy Co-Issuer
Corp., 9.75%, 04/15/30(a)
 
133
142,983
CoreLogic, Inc., 4.50%, 05/01/28(a)
 
1,485
1,450,574
Fantasia Holdings Group Co. Ltd.(f)(g)(h)
 
11.75%, 04/17/22
 
400
4,400
11.88%, 06/01/23
 
200
2,250
9.25%, 07/28/23
 
200
2,250
9.88%, 10/19/23
 
200
1,800
Five Point Operating Co. LP, 8.00%, 10/01/30(a)
 
84
85,991
80
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Real Estate Management & Development (continued)
Howard Hughes Corp.(a)
 
4.13%, 02/01/29
USD
149
$ 143,959
4.38%, 02/01/31
 
54
51,069
6.13%, 03/01/34
 
141
139,314
New Immo Holding SA(f)
 
3.25%, 07/23/27
EUR
100
113,890
5.50%, 04/23/31
 
100
114,653
Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30(f)
USD
200
193,400
Vivion Investments SARL, 5.63%, 06/08/30(f)
EUR
100
110,488
 
 
3,046,937
Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(a)(c)
USD
327
323,291
Semiconductors & Semiconductor Equipment — 0.2%
Broadcom, Inc., 3.50%, 02/15/41(c)
 
350
279,651
Microchip Technology, Inc., 0.00%, 02/15/30(a)(j)(k)
 
147
169,200
ON Semiconductor Corp.(j)
 
0.50%, 03/01/29
 
258
310,890
0.00%, 05/01/31(a)(k)
 
65
64,610
QUALCOMM, Inc., 4.30%, 05/20/47(c)
 
300
244,324
 
 
1,068,675
Software — 2.0%
AthenaHealth Group, Inc., 6.50%, 02/15/30(a)(c)
 
1,676
1,606,989
Capstone Borrower, Inc., 8.00%, 06/15/30(a)(c)
 
302
286,910
Cloud Software Group, Inc.(a)(c)
 
6.50%, 03/31/29
 
1,694
1,643,656
9.00%, 09/30/29
 
2,035
1,975,236
Ellucian Holdings, Inc., 6.50%, 12/01/29(a)(c)
 
183
176,897
IPD 3 BV, 5.50%, 06/15/31(f)
EUR
100
111,363
OAK-Eagle Acquireco, Inc.
 
6.25%, 07/01/33(f)
 
100
119,638
7.25%, 07/01/33(a)(c)
USD
1,139
1,191,521
8.75%, 07/01/34(a)(c)
 
1,084
1,150,473
Oracle Corp.(c)
 
3.60%, 04/01/50
 
200
121,622
6.70%, 02/04/56
 
1,000
941,211
6.13%, 08/03/65
 
250
210,069
UKG, Inc., 6.88%, 02/01/31(a)(c)
 
594
577,059
 
 
10,112,644
Specialty Retail — 0.2%
Advance Auto Parts, Inc., 7.00%, 08/01/30(a)
 
168
172,257
Afflelou SAS, 6.00%, 07/25/29(f)
EUR
100
118,036
Ferrellgas LP/Ferrellgas Finance Corp., 9.25%,
01/15/31(a)
USD
170
179,162
Kiko SpA, (3-mo. EURIBOR + 3.25%), 5.45%,
01/15/32(b)(f)
EUR
100
115,256
Michaels Cos., Inc., 8.50%, 03/15/33(a)(c)
USD
472
467,514
Staples, Inc., 10.75%, 09/01/29(a)
 
185
176,480
 
 
1,228,705
Technology Hardware, Storage & Peripherals(a) — 0.2%
Seagate Data Storage Technology Pte. Ltd.
 
8.25%, 12/15/29(c)
 
449
469,500
5.88%, 07/15/30
 
151
153,682
8.50%, 07/15/31(c)
 
557
582,053
 
 
1,205,235
Textiles, Apparel & Luxury Goods — 0.3%
Beach Acquisition Bidco LLC(a)
 
5.25%, 07/15/32
EUR
435
506,024
Security
 
Par
(000)
Value
Textiles, Apparel & Luxury Goods (continued)
Beach Acquisition Bidco LLC(a) (continued)
 
(10.00% Cash or 10.75% PIK), 10.00%, 07/15/33(c)(i)
USD
800
$ 908,462
Crocs, Inc., 4.25%, 03/15/29(a)
 
25
24,256
Levi Strauss & Co.(a)
 
4.00%, 08/15/30
EUR
120
137,766
3.50%, 03/01/31
USD
16
14,821
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%),
5.95%, 07/01/29(b)(f)
EUR
100
115,668
 
 
1,706,997
Tobacco — 0.1%
BAT Capital Corp., 7.08%, 08/02/43(c)
USD
250
278,467
Transportation Infrastructure — 0.1%
Edge Finco PLC, 8.13%, 08/15/31(f)
GBP
100
138,576
GB AIT Buyer, Inc., 8.75%, 04/30/34(a)
USD
146
146,388
Incora Top Holdco LLC, 6.00%, 01/31/33(e)
 
210
58,565
RXO, Inc., 6.38%, 05/15/31(a)
 
78
79,083
 
 
422,612
Wireless Telecommunication Services — 1.2%
Altice France SA
 
6.88%, 10/15/30(a)
 
492
477,049
6.50%, 10/15/31(a)
 
243
235,446
6.50%, 04/15/32(a)(c)
 
1,267
1,224,701
5.63%, 07/15/32(f)
EUR
11
12,248
6.88%, 07/15/32(a)
USD
503
487,340
Colombia Telecomunicaciones SA ESP, 4.95%,
07/17/30(f)
 
200
189,750
Digicel International Finance Ltd. U.S. LLC, 8.63%,
08/01/32(a)(c)
 
945
973,941
Iliad Holding SAS
 
7.00%, 10/15/28(a)
 
343
344,472
5.38%, 04/15/30(f)
EUR
100
117,182
8.50%, 04/15/31(a)(c)
USD
479
507,469
7.00%, 04/15/32(a)(c)
 
211
215,042
TDC Brands A/S, 8.00%, 04/30/31(f)
EUR
100
115,808
Telecom Argentina SA, 9.25%, 05/28/33(a)
USD
64
68,769
Vmed O2 U.K. Financing I PLC
 
4.00%, 01/31/29(f)
GBP
100
125,125
4.25%, 01/31/31(a)(c)
USD
600
493,412
4.75%, 07/15/31(a)
 
200
164,331
6.75%, 01/15/33(a)
 
254
215,053
WOM Mobile SA, (5.50% Cash and 6.25% PIK), 11.00%,
04/01/31(a)(i)
 
13
13,515
Zegona Finance PLC, 6.75%, 07/15/29(f)
EUR
90
106,468
 
 
6,087,121
Total Corporate Bonds — 67.5%
(Cost: $348,867,563)
349,671,549
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 Term Loan, 11.00%,
12/15/31(e)
USD
28
—
IT Services — 0.1%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
 
619
585,912
Schedule of Investments
81
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software — 0.1%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
USD
575
$      536,188
Total Fixed Rate Loan Interests — 0.2%
(Cost: $1,221,694)
1,122,100
Floating Rate Loan Interests(b)
Advertising Agencies — 0.1%
Outfront Media Capital LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
09/24/32
 
401
400,298
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
8.99%, 02/15/29
 
147
125,402
 
 
525,700
Aerospace & Defense — 2.3%
Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (6-
mo. CME Term SOFR at 0.75% Floor + 2.75%),
6.60%, 06/23/30
 
539
540,292
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/31/30
 
808
807,284
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-
mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.79%, 08/03/29
 
485
486,695
Cubic Corp.
 
2025 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.76%), 8.17%, 05/25/29
 
1,941
132,623
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 3.51%), 6.92%, 05/25/29
 
271
18,543
Dynasty Acquisition Co., Inc.
 
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.64%, 10/31/31
 
1,276
1,278,140
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.64%, 10/31/31
 
486
486,386
Kaman Corp., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 5.67%, 02/26/32
 
230
229,554
Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at
0.75% Floor + 3.75%), 7.51%, 02/01/28
 
955
859,634
Propulsion BC Finco SARL, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.23%, 12/01/32
 
369
369,869
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.48%,
11/05/28
 
207
207,255
TransDigm, Inc.
 
2023 Term Loan J, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 02/28/31
 
2,689
2,689,592
2024 Term Loan L, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 01/19/32
 
485
484,644
2025 Term Loan K, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 03/22/30
 
841
840,789
2025 Term Loan M, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 08/19/32
 
1,670
1,670,578
2026 Term Loan N, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.14%, 02/13/33
 
603
602,904
 
 
11,704,782
Security
 
Par
(000)
Value
Automobile Components — 1.2%
Allison Transmission, Inc., 2025 Incremental Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.38%, 01/02/33
USD
506
$ 504,787
Clarios Global LP
 
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.14%, 05/06/30
 
1,904
1,904,029
2026 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.14%, 01/28/32
 
871
870,625
Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
07/02/31
 
682
675,778
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.41%,
01/30/32
 
45
44,620
Gates Corp.
 
2022 Term Loan B4, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 11/16/29
 
173
173,121
2024 Term Loan B5, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 06/04/31
 
1,269
1,266,628
RealTruck Group, Inc.
 
2026 FLSO Tranche A Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.75%), 8.65%, 01/31/31
 
106
65,327
2026 FLSO Tranche B Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 6.00%), 9.90%,
01/31/31
 
241
149,589
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 5.10%), 8.74%, 11/17/28
 
829
824,855
 
 
6,479,359
Beverages — 0.3%
Naked Juice LLC
 
2025 FLFO Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.23%, 01/24/29
 
862
873,722
2025 FLSO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.08%, 01/24/29
 
237
156,965
2025 FLTO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.00%), 9.83%, 01/24/30
 
333
100,702
Sazerac Co., Inc., Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.63%,
07/09/32
 
249
247,983
 
 
1,379,372
Biotechnology — 0.5%
BioMarin Pharmaceutical, Inc., Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.43%,
04/27/33
 
583
582,708
Parexel International Corp., 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.14%, 12/12/31
 
1,791
1,791,322
 
 
2,374,030
Broadline Retail — 0.3%
Boots Group Finco LP, USD Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.92%,
08/30/32
 
656
657,344
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 8.39%, 03/15/30
 
972
977,447
 
 
1,634,791
82
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Materials — 0.2%
CP Iris HoldCo I, Inc.
 
2025 Delayed Draw Term Loan, 0.00%, 10/27/32
USD
5
$ 4,878
2025 Term Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 4.00%), 7.64%, 10/27/32
 
979
928,293
 
 
933,171
Building Products — 2.4%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 05/13/29
 
46
45,919
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.64%,
09/08/32
 
2,020
2,019,096
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 5.25%), 8.89%, 07/08/30
 
563
493,029
EMRLD Borrower LP
 
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 08/04/31
 
906
904,983
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.25%), 5.92%, 05/31/30
 
1,472
1,469,632
Gibraltar Industries, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.87%,
02/02/33(e)
 
363
362,169
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.73%, 06/17/31
 
794
666,356
Knife River Corp., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 03/08/32
 
120
119,776
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 9.64%, 03/08/29
 
192
166,053
Quikrete Holdings, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR +
2.25%), 5.89%, 03/19/29
 
690
690,202
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.89%, 02/10/32
 
376
375,767
2025 Term Loan B1, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.89%, 04/14/31
 
781
780,121
QXO Building Products, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
04/30/32
 
535
533,688
Standard Industries, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.39%,
09/22/28
 
208
207,723
White Cap Supply Holdings LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.89%, 10/19/29
 
2,133
2,128,297
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.98%, 08/05/31
 
1,245
1,122,580
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.00%), 5.76%, 10/04/28
 
389
391,167
 
 
12,476,558
Capital Markets — 2.8%
Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.75%,
11/01/30
 
318
318,497
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.63%, 02/15/31
 
1,236
1,193,217
Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.64%,
08/09/30
 
329
327,728
Security
 
Par
(000)
Value
Capital Markets (continued)
Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 6.64%,
11/25/32
USD
693
$ 676,222
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B7, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 5.48%, 12/20/29
 
567
567,196
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
11/25/31
 
822
796,693
Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 11/01/32
 
919
916,540
Citadel Securities Global Holdings LLC, 2026 Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.66%, 06/10/33
 
1,641
1,637,289
Cogeco Financing 2 LP, 2023 Incremental Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.26%, 09/01/28
 
108
101,159
Focus Financial Partners LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 09/15/31
 
1,941
1,891,893
GTCR Everest Borrower LLC, 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.23%,
09/05/31
 
256
255,175
Hudson River Trading LLC, 2026 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 03/18/30
 
1,569
1,557,240
Jane Street Group LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.67%,
12/15/31
 
2,566
2,540,486
Jump Financial LLC, 2025 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
02/26/32(e)
 
109
108,864
Jupiter Borrower, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.48%, 06/30/33
 
412
411,143
Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
07/30/32
 
1,109
1,093,414
 
 
14,392,756
Chemicals — 2.6%
Advancion Holdings LLC, 2020 USD Term Loan, (3-mo.
CME Term SOFR + 4.10%), 7.77%, 11/24/27(e)
 
323
295,708
BASF Coatings Ltd., USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.24%,
06/29/33
 
964
966,651
Chemours Co., 2025 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.14%,
10/15/32
 
1,271
1,266,748
Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 6.36%, 11/01/30
 
925
924,355
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 7.41%,
10/04/29
 
915
910,577
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.66%, 06/12/31
 
626
624,780
Element Solutions, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
12/18/30
 
1,050
1,049,427
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32
 
422
420,749
Schedule of Investments
83
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 02/15/30
USD
309
$ 309,498
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
7.89%, 10/07/31
 
125
104,699
Lonza Group AG, USD Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.03%), 7.76%, 07/03/28
 
686
648,455
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/26/31(e)
 
423
423,029
Olympus Water U.S. Holding Corp.
 
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.00%), 6.73%, 06/20/31
 
1,388
1,384,861
2025 USD Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 11/03/32
 
834
832,517
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term
SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31
 
856
561,366
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.65%,
10/09/31
 
274
274,746
Solstice Advanced Materials, Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.41%,
10/29/32
 
467
468,751
SP Motion Holdco Ltd., USD Term Loan B, 06/24/33(o)
 
290
289,637
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 6.66%,
08/02/30
 
804
798,738
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/19/32
 
894
890,665
 
 
13,445,957
Commercial Services & Supplies — 3.1%
Action Environmental Group, Inc., 2023 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.73%, 10/24/30
 
446
440,287
Allied Universal Holdco LLC, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.89%, 08/20/32
 
2,743
2,742,607
Anticimex International AB, 2025 USD Term Loan, (3-mo.
SOFR + 2.90%), 6.41%, 11/17/31
 
357
357,424
Aramark Services, Inc.
 
2025 Repriced Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.39%, 04/06/28
 
383
383,984
2025 Term Loan, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.39%, 06/22/30
 
1,002
1,001,518
Asplundh Tree Expert, LLC, 2026 5th Amendment Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 05/30/33
 
1,396
1,393,352
Citrin Cooperman Advisors LLC
 
2025 Add on Delayed Draw Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.73%,
04/01/32(e)
 
138
132,490
2025 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 3.00%), 6.73%, 04/01/32
 
780
756,710
Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.50%), 5.14%, 10/08/32
 
389
390,018
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
06/02/31
 
1,191
1,131,101
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Innio Holding, Inc., 2026 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
11/02/31
USD
736
$ 732,577
LABL, Inc., 2026 USD Interim New Money DIP Term
Loan, (3-mo. CME Term SOFR at 0.50% Floor +
6.75%), 10.43%, 12/02/26
 
32
32,119
MX Holdings U.S., Inc., 2025 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
03/17/32
 
255
254,842
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
03/11/32
 
1,360
1,356,048
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.42%,
12/31/32
 
325
325,105
Packers Holdings LLC, 2025 Takeback Term Loan, (1-
mo. CME Term SOFR at 1.00% Floor + 1.00%),
4.74%, 03/10/31
 
73
68,865
PG Investment Co. 59 SARL, 2025 Repriced Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
0.00%, 03/26/31
 
1,230
1,228,825
Prime Security Services Borrower LLC
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 5.62%, 10/13/30
 
185
183,395
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.37%, 03/07/32
 
920
905,221
Reworld Holding Corp.
 
2025 1st Lien Term Loan C, (1-mo. CME Term SOFR
at 0.50% Floor + 2.25%), 5.89%, 01/15/31
 
80
79,758
2025 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.89%, 01/15/31
 
491
490,816
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 5.90%, 11/30/28
 
378
377,568
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 01/30/31
 
1,046
1,044,248
 
 
15,808,878
Communications Equipment — 0.0%
Radiate Holdco LLC
 
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29
 
19
19,224
2025 Term Loan, (1-mo. CME Term SOFR at 1.00%
Floor + 4.00%), 7.64%, 06/26/29
 
19
19,224
 
 
38,448
Construction & Engineering — 0.8%
Azuria Water Solutions, Inc.
 
2026 Delayed Draw Term Loan, 0.00%, 04/25/33
 
17
17,351
2026 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 6.48%, 04/25/33
 
901
897,454
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.16%, 08/01/30
 
1,225
955,062
Construction Partners, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/03/31
 
743
742,090
84
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Construction & Engineering (continued)
Dycom Investments, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
01/27/33
USD
390
$ 390,121
Legence Holdings LLC, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 5.64%,
12/16/31
 
1,220
1,216,595
 
 
4,218,673
Consumer Discretionary — 0.1%
Element Materials Technology Group U.S. Holdings, Inc.,
2022 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.50%), 7.23%, 07/06/29
 
432
433,432
Consumer Staples Distribution & Retail — 0.6%
BCPE Empire Holdings, Inc., 2026 10th Amendment
Term Loan, (1-mo. CME Term SOFR + 3.50%),
7.14%, 12/29/32
 
1,233
1,216,475
EG America LLC, 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.92%, 02/10/31
 
1,198
1,200,995
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.39%,
10/03/31
 
640
643,215
 
 
3,060,685
Containers & Packaging — 1.8%
Charter Next Generation, Inc., 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%),
6.11%, 11/29/30
 
1,452
1,451,779
Clydesdale Acquisition Holdings, Inc.
 
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 3.25%), 6.89%, 04/01/32
 
1,103
1,058,785
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.18%), 6.82%, 04/13/29
 
105
103,019
Colossus Acquireco LLC, 2026 Term Loan B, (3-mo.
SOFR + 1.75%), 5.37%, 01/31/33
 
1,821
1,808,561
Graham Packaging Co., Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.89%,
01/26/33
 
791
791,263
Mauser Packaging Solutions Holding Co., 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.50%), 7.12%, 04/15/30
 
865
852,025
Multi-Color Corp., 2026 USD PIK Takeback Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.38%),
6.11%, 05/11/33
 
480
409,891
Potters Industries LLC, 2025 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 12/23/32
 
477
477,401
Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.39%,
02/01/29
 
420
421,320
Proampac PG Borrower LLC, 2026 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.66%, 03/07/33
 
744
729,811
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 03/04/32
 
195
195,274
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Ring Container Technologies Group LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.14%, 09/15/32
USD
596
$ 596,714
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 7.48%,
09/15/28
 
464
444,098
 
 
9,339,941
Distributors — 0.8%
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.39%, 01/31/31
 
837
836,781
Core & Main LP
 
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 5.66%, 07/27/28
 
1,502
1,501,600
2024 Term Loan E, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 5.66%, 02/09/31
 
372
371,493
QXO Building Products, Inc., 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.73%,
07/01/33
 
1,230
1,226,580
 
 
3,936,454
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
5.39%, 08/23/32
 
532
531,768
Diversified REITs — 0.0%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 05/20/30
 
244
243,874
Diversified Telecommunication Services — 0.8%
Level 3 Financing, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.39%,
03/29/32
 
1,890
1,889,414
Sunrise Financing Partnership, Term Loan AAA, (6-mo.
CME Term SOFR at 0.00% Floor + 2.47%), 6.10%,
02/15/32
 
369
363,664
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-
mo. CME Term SOFR + 3.36%), 6.99%, 01/31/29
 
607
580,317
Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.11% and 0.50%
PIK), 7.26%, 03/11/30(i)
 
1,271
1,270,507
 
 
4,103,902
Electric Utilities — 0.7%
Alpha Generation LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 09/30/31
 
639
632,373
NRG Energy, Inc.
 
2024 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.42%, 04/16/31
 
1,840
1,836,946
2026 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 04/28/33
 
172
172,222
Pathfinder Power LLC, Term Loan B, 06/22/33(o)
 
479
477,802
Talen Energy Supply LLC, 2024-1 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 12/15/31
 
363
360,858
 
 
3,480,201
Electronic Equipment, Instruments & Components — 0.4%
Belden, Inc., Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.98%, 07/01/33(e)
 
693
693,000
Schedule of Investments
85
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electronic Equipment, Instruments & Components (continued)
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 06/20/31(e)
USD
225
$ 224,837
Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 07/02/29
 
455
453,490
CoorsTek, Inc., 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 10/28/32
 
285
285,465
Sanmina Corp., 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 10/27/32(e)
 
526
526,347
 
 
2,183,139
Energy Equipment & Services — 0.0%
Deep Blue Operating I LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.90%,
10/01/32
 
249
249,844
Entertainment — 2.2%
Creative Artists Agency LLC, 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 10/01/31
 
1,267
1,266,180
Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.48%,
09/30/31
 
1,345
1,343,679
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.37%,
03/04/32
 
1,056
1,053,779
Electronic Arts, Inc., USD Term Loan B, 03/24/33(o)
 
2,190
2,194,708
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.39%, 03/24/32
 
1,784
1,782,690
Live Nation Entertainment, Inc., 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.64%, 10/21/32
 
894
893,387
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.23%,
11/12/29
 
991
841,869
TKO Worldwide Holdings LLC, 2026 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.41%, 11/21/31
 
2,281
2,272,435
 
 
11,648,727
Environmental, Maintenance & Security Service — 0.1%
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
10/17/30
 
364
363,672
Reworld Holding Corp., 2025 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.25%),
5.90%, 01/15/31
 
209
209,125
 
 
572,797
Financial Services — 2.2%
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.89%, 12/21/28
 
1,089
1,089,096
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.63%,
05/21/31
 
1,372
1,372,383
Apex Group Treasury LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.15%, 02/27/32
 
1,107
1,045,504
APi Group DE, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
05/16/33
 
1,791
1,787,200
Security
 
Par
(000)
Value
Financial Services (continued)
CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
05/19/31
USD
2,082
$ 2,072,715
Gryphon Acquire NewCo LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.41%,
09/13/32
 
543
542,835
ITT Holdings LLC, 2026 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.98%), 5.71%, 10/11/30
 
180
179,195
LBM Acquisition LLC, 2024 Incremental Term Loan B,
(1-mo. CME Term SOFR at 0.75% Floor + 3.75%),
7.50%, 06/06/31
 
428
357,458
NEXUS Buyer LLC
 
2025 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 7.64%, 07/31/31
 
545
525,860
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.50%), 7.23%, 07/31/31
 
80
76,964
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.17%,
10/08/32
 
520
519,583
Sotera Health Holdings LLC, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.89%,
05/30/31
 
1,201
1,201,520
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.14%,
10/16/31
 
80
80,225
WEX, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.39%, 03/31/28
 
167
167,085
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 03/05/32
 
306
304,833
 
 
11,322,456
Food Products — 1.0%
Chobani LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.89%, 10/28/32
 
2,146
2,149,284
Froneri U.S., Inc.
 
2024 USD Term Loan B4, (6-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.88%, 09/30/31
 
1,822
1,808,166
2025 USD Term Loan B6, (6-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.13%, 09/30/32
 
515
510,829
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 6.50%), 10.23%,
03/29/30
 
70
70,361
Treehouse Foods, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 7.89%,
02/11/33
 
568
569,096
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.14%,
01/29/32
 
180
179,487
Wellness Pet LLC, 2025 Second Out Exchange Term
Loan, (3-mo. CME Term SOFR at 0.75% Floor +
3.75%), 7.74%, 12/31/29
 
60
11,020
 
 
5,298,243
Gas Utilities — 0.3%
BIP PipeCo Holdings LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
12/06/30
 
242
240,893
M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 04/01/32
 
295
295,741
86
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Gas Utilities (continued)
NGL Energy Partners LP, 2026 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.13%,
03/11/33
USD
375
$ 376,200
Traverse Midstream Partners LLC, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.04%, 04/21/33
 
208
207,740
Venture Global Calcasieu Pass LLC, 2026 Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.95%, 04/11/33
 
570
571,032
 
 
1,691,606
Ground Transportation — 0.6%
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.48%,
04/10/31
 
2,365
2,354,129
Hertz Corp.
 
2021 Term Loan B, (3-mo. CME Term SOFR +
3.76%), 7.43%, 06/30/28
 
594
418,331
2021 Term Loan C, (3-mo. CME Term SOFR +
3.76%), 7.43%, 06/30/28
 
118
82,989
PODS LLC, 2026 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 4.50%), 8.13%, 05/14/31
 
422
409,948
 
 
3,265,397
Health Care Equipment & Supplies — 1.0%
Bausch & Lomb Corp., 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.39%,
01/15/31
 
1,497
1,498,601
Hopper Merger Sub, Inc., 2026 USD Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.99%, 04/07/33
 
3,153
3,082,719
McKesson Medical-Surgical Top Holdings, Inc., Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.98%, 06/09/32
 
413
412,657
QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 7.64%, 08/20/32
 
458
450,275
 
 
5,444,252
Health Care Providers & Services — 1.9%
AHP Health Partners, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.89%,
09/20/32
 
99
99,193
Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.14%,
06/30/31
 
370
369,338
CHG Healthcare Services, Inc., 2026 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.66%, 09/29/31
 
448
447,942
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 5.91%,
11/08/32
 
677
677,513
Concentra Health Services, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 5.64%, 07/26/31
 
341
341,450
DaVita, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.39%, 05/09/31
 
547
546,025
Examworks Bidco, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.14%,
02/06/33
 
719
719,538
EyeCare Partners LLC, 2024 Third Out Term Loan C,
0.00%, 11/30/28(g)(h)
 
17
2,700
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
USD
248
$ 247,649
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.42%,
05/19/31
 
1,173
1,153,770
Medical Solutions Holdings, Inc.
 
2026 Class A-1 First Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 5.25%), 9.17%,
11/01/30
 
61
43,985
2026 Class A-2 First Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 5.25%), 9.05%,
11/01/30
 
139
100,917
2026 Exchange FLSO Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 3.60%), 7.30%, 11/01/30
 
218
44,638
2026 Exchange FLTO Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 7.10%), 10.80%, 11/03/31
 
182
21,897
Medline Borrower LP, 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 1.50%), 5.14%,
05/30/33
 
1,820
1,808,313
Option Care Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.39%,
09/22/32
 
869
869,411
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.64%,
11/19/31
 
296
291,963
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 7.73%, 09/27/30
 
728
728,353
Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.14%,
12/19/30
 
851
851,122
Team Health Holdings, Inc., 2026 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.00%),
7.66%, 06/30/28
 
248
247,506
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 5.39%, 08/01/31
 
449
448,394
 
 
10,061,617
Health Care Technology — 0.8%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.39%,
02/15/29
 
1,076
1,073,174
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR +
2.75%), 6.37%, 05/01/31
 
1,207
1,102,512
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.00%), 7.83%,
10/01/27
 
322
317,080
PointClickCare Technologies, Inc., 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.41%, 11/03/31
 
427
424,896
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.26%), 7.93%,
06/02/28
 
962
832,029
Waystar Technologies, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
10/22/29(e)
 
347
345,276
 
 
4,094,967
Schedule of Investments
87
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure — 4.1%
Aimbridge Acquisition Co., Inc.
 
2025 1st Lien Second Out Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 7.61%), 11.25%,
03/11/30
USD
111
$ 106,710
2025 First Out Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 5.61%), 9.25%, 03/11/30
 
117
113,761
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.14%,
05/31/30
 
651
649,385
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
09/20/30
 
1,103
1,100,377
Caesars Entertainment, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 2.25%), 5.89%, 02/06/31
 
1,878
1,800,225
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 5.89%, 02/06/30
 
975
941,031
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.11%,
12/02/31
 
468
468,391
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 6.89%,
01/27/29
 
1,659
1,656,545
Flutter Financing BV
 
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.48%, 11/30/30
 
1,680
1,663,000
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 5.73%, 06/04/32
 
529
526,443
Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 1.75%), 5.39%,
09/22/32
 
1,287
1,293,697
Gaia Purchaser, Inc., Term Loan B, 06/25/33(e)(o)
 
434
433,457
Great Canadian Gaming Corp., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 4.75%),
8.43%, 11/01/29
 
461
453,233
GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032),
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.98%, 07/31/32
 
187
186,270
Herschend Entertainment Co. LLC, 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 05/27/32
 
532
532,406
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 5.40%, 11/08/30
 
1,350
1,352,280
IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.14%, 12/16/30
 
818
818,139
Light & Wonder International, Inc., 2026 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.64%, 04/16/29
 
653
652,523
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 7.98%, 08/01/30
 
382
362,480
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 5.64%,
05/30/33
 
531
529,192
Pioneer Opco LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 6.89%, 05/16/33
 
778
780,365
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.67%, 04/04/29
 
539
530,931
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.64%, 12/04/31
USD
546
$ 541,338
Six Flags Entertainment Corp., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.64%, 05/01/31
 
209
207,230
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.64%,
03/14/31
 
1,381
1,380,199
TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.98%, 12/30/32
 
546
535,080
Voyager Parent LLC, Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.98%,
07/01/32
 
634
634,032
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.14%,
08/03/28
 
421
420,063
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 05/24/30
 
673
673,051
 
 
21,341,834
Household Durables — 0.5%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
01/20/32
 
1,184
1,181,991
Madison Safety & Flow LLC, 2025 1st Lien Term Loan B,
(Prime + 1.50%), 8.25%, 09/26/31
 
264
264,246
Somnigroup International, Inc., Term Loan B, (1-mo.
SOFR + 2.25%), 5.87%, 10/24/31
 
283
283,349
Springs Windows Fashions LLC, 2024 FLFO Delayed
Draw Term Loan, (1-mo. CME Term SOFR at 1.00%
Floor + 4.50%), 8.14%, 12/19/29
 
171
169,680
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo.
CME Term SOFR at 1.00% Floor + 4.50%), 8.14%,
12/19/29
 
129
127,260
Weber-Stephen Products LLC, 2025 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.44%, 10/01/32
 
743
733,187
 
 
2,759,713
Household Products — 0.1%
Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 6.98%,
12/30/32
 
588
581,430
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Construction Finance Co. LP, 2025 Repriced
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 1.75%), 5.39%, 07/31/30
 
1,202
1,200,246
Constellation Renewables LLC, 2020 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 2.00%), 5.67%,
12/15/27
 
501
499,339
Talen Energy Supply LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
11/26/32
 
901
893,141
 
 
2,592,726
Industrial Conglomerates — 1.1%
ACI Rover Parent LLC, 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/09/33
 
552
550,482
88
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Industrial Conglomerates (continued)
Beach Acquisition Bidco LLC, USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
09/12/32
USD
352
$ 353,617
FCG Acquisitions, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.89%,
03/04/33
 
108
108,050
Heritage Environmental Services, Inc., 2026 Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
6.64%, 04/01/33(e)
 
231
231,866
LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 6.62%, 12/02/31
 
356
356,106
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.18%, 10/01/32
 
479
479,898
Resideo Funding, Inc., 2025 Incremental Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.67%, 08/13/32
 
557
556,559
Resilience Parent LLC, 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
02/28/33
 
1,367
1,363,719
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo.
CME Term SOFR + 7.50%), 11.49%, 12/31/29
 
61
52,825
Sword Purchaser LLC, USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.64%,
04/11/33
 
1,480
1,441,387
 
 
5,494,509
Insurance — 3.3%
Alliant Holdings Intermediate LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 09/19/31
 
3,232
3,186,025
AmWINS Group, Inc., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 5.73%,
01/30/32
 
1,767
1,726,359
Amynta Agency Borrower, Inc., 2026 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 12/29/31
 
1,279
1,259,828
Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30
 
1,235
1,220,822
HUB International Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.92%,
06/20/30
 
1,992
1,988,484
Hyperion Insurance Group Ltd., 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.48%, 04/18/30
 
190
178,742
Hyperion Refinance SARL, 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.39%, 02/15/31
 
1,459
1,366,673
Jones DesLauriers Insurance Management Inc.,
2026 Repriced Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 6.66%, 02/02/33
 
1,191
1,137,816
OneDigital Borrower LLC, 2025 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
6.64%, 07/02/31
 
250
241,576
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
09/15/31
 
725
722,602
Security
 
Par
(000)
Value
Insurance (continued)
Truist Insurance Holdings LLC, 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.48%, 05/06/31
USD
1,565
$ 1,526,888
USI, Inc.
 
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.98%, 09/29/30
 
1,016
1,010,461
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 5.98%, 11/21/29
 
1,448
1,442,436
 
 
17,008,712
Interactive Media & Services — 0.1%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 6.39%, 01/31/31
 
343
314,665
IT Services — 2.4%
Asurion LLC
 
2021 Second Lien Term Loan B4, (3-mo. CME Term
SOFR + 5.25%), 9.18%, 01/20/29
 
211
208,432
2023 Term Loan B11, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 8.01%, 08/19/28
 
64
63,903
2024 Term Loan B12, (3-mo. CME Term SOFR at
0.00% Floor + 4.25%), 7.91%, 09/19/30
 
218
215,105
2026 Term Loan B14, (3-mo. CME Term SOFR at
0.00% Floor + 3.75%), 7.41%, 02/23/33
 
320
302,000
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.16%,
08/15/29
 
543
367,027
Central Parent Inc., 2026 CoOp Steerco Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.98%, 07/06/29
 
1,266
818,228
CoreWeave Financing DDTL V LLC, Delayed Draw Term
Loan, (1-mo. SOFR + 4.50%), 8.12%, 11/17/31
 
291
296,996
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME
Term SOFR at 0.75% Floor + 2.75%), 6.39%,
05/30/31
 
1,466
1,397,885
Galileo Parent, Inc., 1st Lien Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.13%,
03/03/33
 
424
425,060
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.39%, 09/12/29
 
1,280
1,263,168
Go Daddy Operating Co. LLC, 2024 Term Loan B8, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.39%, 11/09/29
 
648
633,106
ION Platform Finance U.S., Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 7.48%,
10/07/32
 
1,389
985,819
Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.64%,
01/31/31
 
363
361,775
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
03/01/29
 
838
741,693
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 7.91%, 07/01/31
 
284
262,037
Ping Identity Corp., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.38%, 11/15/32
 
296
287,860
Project Boost Purchaser LLC, 2025 Refinancing Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 6.48%, 07/16/31
 
550
534,286
Schedule of Investments
89
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services (continued)
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 6.73%,
08/31/28
USD
1,309
$ 1,261,422
Sedgwick Claims Management Services, Inc., 2023 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 07/31/31
 
1,641
1,619,172
Shift4 Payments LLC, 2025 Repriced Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.73%, 07/03/32
 
631
628,515
 
 
12,673,489
Leisure Products — 0.2%
Bombardier Recreational Products, Inc., 2024 Term Loan
B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
5.89%, 01/22/31
 
302
301,334
City Football Group Ltd., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.26%), 6.93%,
07/22/30
 
693
689,615
 
 
990,949
Machinery — 2.4%
AI Aqua Merger Sub, Inc.
 
2026 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.50%), 6.14%, 07/31/28
 
1,234
1,232,356
2026 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.15%, 07/02/33
 
1,919
1,916,851
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.18%,
03/15/30
 
239
238,228
Columbus McKinnon Corp., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.23%,
02/03/33
 
796
793,670
CompoSecure Holdings LLC, Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.92%,
01/14/33
 
1,190
1,182,098
ESCO Technologies, Inc., Term Loan B, 06/11/33(e)(o)
 
316
315,210
Filtration Group Corp., 2025 USD Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.14%,
10/21/28
 
896
895,900
Generac Power Systems, Inc., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.37%, 07/03/31
 
152
153,049
GrafTech Global Enterprises, Inc.
 
2024 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 2.00% Floor + 6.00%), 9.64%, 12/21/29
 
60
57,343
2024 Term Loan, (3-mo. CME Term SOFR at 2.00%
Floor + 6.00%), 9.67%, 12/21/29
 
105
100,350
Hayward Industries, Inc., 2026 Term Loan B, 06/23/33(o)
 
202
202,234
Indicor LLC, 2026 USD Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 11/22/29
 
411
411,138
LSF12 Helix Parent LLC, USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.14%,
02/10/33
 
924
905,502
Madison IAQ LLC, 2026 Term Loan B, (6-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.47%, 05/06/32
 
365
364,051
PECF USS Intermediate Holding III Corp., 2026 Term
Loan, (3-mo. CME Term SOFR at 2.00% Floor +
7.50%), 11.18%, 03/03/33
 
81
76,937
Security
 
Par
(000)
Value
Machinery (continued)
Tega MC Australia Holdings Pty. Ltd., Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.16%, 06/01/33
USD
351
$ 352,537
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B,
(6-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.38%, 04/30/30
 
1,827
1,833,665
WEC U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.62%,
01/27/31
 
1,520
1,517,917
 
 
12,549,036
Media — 1.3%
Altice France SA, 2025 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 6.88%), 10.55%,
05/31/31
 
882
898,250
Charter Communications Operating LLC
 
2023 Term Loan B4, (3-mo. CME Term SOFR at
0.00% Floor + 2.00%), 5.69%, 12/07/30
 
209
206,477
2024 Term Loan B5, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.94%, 12/15/31
 
183
179,731
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
7.76%, 08/23/28
 
347
347,101
CSC Holdings LLC, 2019 Term Loan B5, (Prime +
1.50%), 8.25%, 04/15/27
 
1,175
822,490
Discovery Global Holdings, Inc., 2026 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 06/03/33
 
975
974,797
ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.64%,
08/30/30
 
374
374,009
NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.14%, 10/17/31
 
850
798,685
Nexstar Broadcasting, Inc., 2026 Term Loan B7, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.39%,
03/18/33
 
421
416,013
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 5.23% and 1.50%
PIK), 10.26%, 09/25/29(i)
 
1,750
1,572,799
Telenet Financing USD LLC, 2020 USD Term Loan AR,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
5.74%, 04/28/28
 
180
178,470
 
 
6,768,822
Metals & Mining — 0.1%
Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.43%,
02/26/32
 
708
703,960
Multi-Utilities — 0.3%
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.16%, 03/03/32
 
1,592
1,591,668
Oil, Gas & Consumable Fuels — 0.6%
Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term
SOFR + 3.00%), 6.69%, 09/29/32
 
253
253,362
Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.39%,
11/22/32
 
236
236,294
90
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Freeport LNG Investments LLLP, 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
6.93%, 02/11/33
USD
954
$ 954,849
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.39%, 02/11/30
 
437
437,191
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.68%,
09/22/32
 
148
147,926
Murphy USA, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 5.37%, 04/07/32
 
172
172,923
TransMontaigne Partners LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.25%), 5.89%,
03/16/30
 
295
295,063
Whitewater Matterhorn Holdings LLC, 2026 Term Loan
B, (3-mo. CME Term SOFR + 1.75%), 5.50%,
06/16/32
 
595
589,869
 
 
3,087,477
Passenger Airlines — 1.0%
AAdvantage Loyalty IP Ltd., 2025 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.93%,
04/20/28
 
944
942,562
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.41%, 03/21/31
 
819
815,409
American Airlines, Inc.
 
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 5.91%, 06/04/29
 
337
331,001
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 5.94%, 02/15/28
 
643
636,542
2026 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 6.67%, 05/29/33
 
598
590,029
AS Mileage Plan IP Ltd., 2026 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.65%,
05/12/33
 
458
455,999
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.75%), 8.43%,
08/27/29
 
771
684,001
United Airlines, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.40%,
02/22/31
 
721
718,738
 
 
5,174,281
Pharmaceuticals — 0.8%
Amneal Pharmaceuticals LLC, 2026 Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 6.64%,
08/01/32
 
1,179
1,182,914
Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.37%,
10/31/32
 
310
309,127
Endo Finance Holdings LP, 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.39%, 04/23/31
 
362
361,953
Grifols International Services USA, Inc., 2026 USD Term
Loan B, (6-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.19%, 04/14/33
 
696
697,648
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
5.89%, 05/05/28
USD
1,069
$ 1,071,458
Perrigo Investments LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
04/20/29
 
327
325,829
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.73%, 07/03/28
 
62
61,702
 
 
4,010,631
Professional Services — 1.2%
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 5.64%,
08/12/32
 
498
494,438
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.26%, 06/02/28
 
1,045
1,032,151
Corpay Technologies Operating Co. LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 5.39%, 11/05/32
 
950
947,048
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR + 0.50% and 3.25% PIK), 8.91%, 07/31/30(i)
 
340
310,336
Trans Union LLC
 
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 5.39%, 06/24/31
 
1,004
1,001,322
2024 Term Loan B9, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.39%, 06/24/31
 
530
528,366
Zelis Payments Buyer, Inc.
 
5th Amendment Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 6.89%, 11/26/31
 
1,176
1,146,570
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
6.39%, 09/28/29
 
634
617,751
 
 
6,077,982
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 2026 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 5.89%, 06/13/33(e)
 
371
369,649
Semiconductors & Semiconductor Equipment — 0.3%
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.40%, 07/06/29
 
207
207,768
Qnity Electronics, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 5.67%, 11/01/32
 
1,350
1,351,606
 
 
1,559,374
Software — 3.7%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 5.98%,
02/24/31
 
1,396
1,370,068
Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.23%, 03/26/32
 
651
622,410
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.42%,
07/30/31
 
1,826
1,639,724
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
06/17/30
 
224
214,194
Schedule of Investments
91
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 5.64%,
01/23/32
USD
363
$ 357,455
Cloud Software Group, Inc.
 
2025 Term Loan B (2031), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 03/21/31
 
1,538
1,343,993
2025 Term Loan B (2032), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.98%, 08/13/32
 
1,502
1,294,674
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.75%), 7.49%, 10/08/28
 
262
201,662
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 7.38%, 12/09/31
 
712
678,756
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.25%), 6.93%, 10/09/31
 
482
438,111
Dayforce, Inc., 2026 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.66%, 02/04/33
 
1,370
1,244,796
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 4.25%), 7.98%, 06/26/31
 
337
320,433
Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.14%, 10/09/29
 
1,010
973,013
Genesys Cloud Services, Inc., 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.14%, 01/30/32
 
1,355
1,294,883
Kaseya, Inc., 2025 1st Lien Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 6.91%,
03/22/32
 
1,788
1,375,964
MH Sub I LLC, 2024 Term Loan B4, (1-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 7.89%, 12/31/31
 
319
275,198
Mitchell International, Inc., 2024 2nd Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 5.25%),
8.89%, 06/17/32
 
163
148,769
MKS Instruments, Inc., 2026 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.36%,
02/04/33
 
680
681,676
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
06/28/30
 
528
439,471
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.00%), 6.99%, 04/24/28
 
1,062
991,678
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 5.64%,
05/09/31
 
903
900,987
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 5.91%, 02/10/31
 
1,508
1,416,782
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 5.91%, 04/12/31
 
1,123
1,076,995
 
 
19,301,692
Specialty Retail — 1.0%
Belron Finance 2019 LLC, 2026 Repriced Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 2.00%),
5.66%, 10/16/31
 
1,897
1,893,725
LS Group OpCo Acquistion LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.17%, 04/23/31
 
508
505,778
Mavis Tire Express Services Topco Corp., 2025 Repriced
Term Loan, (6-mo. CME Term SOFR at 0.75% Floor +
3.00%), 6.67%, 05/04/28
 
1,229
1,225,683
Security
 
Par
(000)
Value
Specialty Retail (continued)
Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 5.98%,
10/14/32
USD
193
$ 192,477
Project Aurora US Finco, Inc., USD Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
12/06/32
 
132
132,776
Pye-Barker Fire & Safety LLC
 
2025 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32
 
14
14,339
2025 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.23%, 12/16/32
 
611
611,503
Restoration Hardware, Inc.
 
2022 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.25%), 6.99%, 10/20/28
 
139
136,919
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.50%), 6.26%, 10/20/28
 
303
294,699
 
 
5,007,899
Technology Hardware, Storage & Peripherals — 0.3%
Finastra USA, Inc., 2025 USD Term Loan, (6-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 7.75%,
09/15/32
 
1,687
1,549,447
Textiles, Apparel & Luxury Goods — 0.1%
ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw
Term Loan, (1-mo. CME Term SOFR at 0.00% Floor +
2.25%), 5.89%, 02/13/32
 
350
349,655
Tobacco — 0.0%
Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.66%, 02/19/32
 
34
33,905
Trading Companies & Distributors — 0.3%
Core & Main LP, 2026 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.48%, 07/01/33(e)
 
835
832,913
Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.38%,
06/02/32
 
155
155,220
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 1.00% Floor + 4.00%), 7.64%,
07/02/29
 
745
366,687
 
 
1,354,820
Transportation Infrastructure — 0.8%
AIT Worldwide Logistics, Inc., 2026 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.25%), 7.91%,
04/29/33
 
474
473,886
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.14%, 09/23/31
 
1,716
1,716,494
Brown Group Holding LLC, Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.14%,
07/01/31
 
705
706,101
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.25%), 9.99%, 12/15/26
 
607
602,714
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 6.73%, 03/18/30
 
754
751,165
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 8.00%), 11.64%,
08/20/29
 
260
102,304
 
 
4,352,664
92
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wireless Telecommunication Services — 0.4%
Digicel International Finance Ltd., 2026 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.23%, 08/06/32
USD
307
$ 308,409
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.40%,
01/25/31
 
1,012
1,012,541
Windstream Services LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.00%), 7.64%,
10/06/32(e)
 
705
708,982
 
 
2,029,932
Total Floating Rate Loan Interests — 59.0%
(Cost: $313,302,040)
306,006,698
Foreign Agency Obligations
Argentina — 0.0%
Argentine Republic Government International Bonds(l)
 
1.75%, 07/09/27
 
79
69,794
4.75%, 07/09/27
 
85
68,117
 
 
137,911
Barbados — 0.0%
Barbados Government International Bonds, 8.00%,
06/26/35(a)
 
132
141,240
Benin — 0.1%
Benin Government International Bonds, 7.96%,
02/13/38(a)
 
200
212,165
Brazil — 0.0%
Brazilian Government International Bonds, 6.63%,
03/15/35
 
200
205,680
Bulgaria — 0.0%
Bulgaria Government International Bonds, Series 13Y,
5.00%, 03/05/37(f)
 
78
76,123
Chile — 0.0%
Chile Government International Bonds, 4.34%,
03/07/42(c)
 
200
176,950
Colombia — 0.1%
Colombia Government International Bonds, 7.75%,
11/07/36
 
200
218,200
Dominican Republic — 0.1%
Dominican Republic International Bonds(a)
 
4.50%, 01/30/30
 
200
193,350
7.05%, 02/03/31
 
150
158,190
 
 
351,540
Ecuador — 0.0%
Ecuador Government International Bonds, 9.25%,
01/29/39(a)
 
200
204,900
Egypt — 0.1%
Egypt Government International Bonds
 
5.63%, 04/16/30(f)
EUR
100
113,850
7.50%, 02/16/61(a)
USD
200
172,216
 
 
286,066
Guatemala — 0.1%
Guatemala Government Bonds, 7.05%, 10/04/32(a)(c)
 
200
215,700
Security
 
Par
(000)
Value
Hungary — 0.0%
Hungary Government International Bonds, 5.50%,
03/26/36(a)(c)
USD
200
$ 201,190
Indonesia — 0.0%
Indonesia Government International Bonds, 4.50%,
05/29/33
EUR
100
115,511
Ivory Coast — 0.1%
Ivory Coast Government International Bonds
 
5.88%, 10/17/31(f)
 
100
117,707
8.08%, 04/01/36(a)
USD
200
219,588
 
 
337,295
Jordan — 0.0%
Jordan Government International Bonds, 5.85%,
07/07/30(f)
 
200
202,470
Kenya — 0.1%
Republic of Kenya Government International Bonds,
9.75%, 02/16/31(a)
 
200
217,500
Latvia — 0.0%
Latvia Government International Bonds, 5.13%,
07/30/34(a)(c)
 
200
202,124
Mexico — 0.1%
Eagle Funding Luxco SARL, 5.50%, 08/17/30(a)(c)
 
250
250,378
Mexico Government International Bonds
 
5.38%, 03/22/33(c)
 
200
196,024
5.13%, 03/19/38
EUR
162
184,234
 
 
630,636
Morocco — 0.0%
Morocco Government International Bonds, 2.38%,
12/15/27(a)
USD
200
193,100
Nigeria — 0.1%
Nigeria Government International Bonds, 10.38%,
12/09/34(a)
 
200
237,600
Panama — 0.1%
Panama Government International Bonds, 6.40%,
02/14/35
 
200
211,330
Peru — 0.0%
Peruvian Government International Bonds
 
2.78%, 01/23/31
 
95
87,447
1.86%, 12/01/32
 
62
51,383
6.20%, 06/30/55
 
41
42,321
 
 
181,151
Romania — 0.1%
Romanian Government International Bonds
 
5.25%, 11/25/27(a)
 
62
62,078
2.12%, 07/16/31(f)
EUR
156
158,617
4.63%, 03/04/33(a)
 
87
96,377
6.25%, 09/10/34(a)
 
125
150,796
6.75%, 07/11/39(a)
 
30
36,292
6.50%, 10/07/45(a)
 
78
89,945
 
 
594,105
Serbia — 0.0%
Serbia International Bonds, 6.00%, 06/12/34(a)
USD
200
205,066
Schedule of Investments
93
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
South Africa — 0.1%
Republic of South Africa Government International Bonds
 
7.10%, 11/19/36(a)
USD
200
$ 215,136
Series 30Y, 5.00%, 10/12/46
 
230
179,688
 
 
394,824
Suriname — 0.1%
Suriname Government International Bonds, 8.50%,
11/06/35(a)
 
200
218,102
Trinidad And Tobago — 0.0%
Trinidad & Tobago Government International Bonds,
6.50%, 01/28/36(a)
 
200
205,560
Turkey — 0.0%
Turkiye Government International Bonds, Series 7Y,
7.13%, 02/12/32
 
200
205,050
Ukraine — 0.0%
Ukraine Government International Bonds(f)(l)
 
3.00%, 02/01/27
 
23
13,712
6.00%, 02/01/27
 
37
29,466
 
 
43,178
Uzbekistan — 0.0%
Republic of Uzbekistan International Bonds, 5.38%,
05/29/27(a)
EUR
100
115,753
Total Foreign Agency Obligations — 1.3%
(Cost: $6,908,992)
6,938,020
 
 
 
 
Shares
 
Investment Companies
Equity Funds — 5.3%
H-Food Holdings LLC(g)
 
4,335
74,779
Invesco Senior Loan ETF
 
725,000
14,768,250
State Street Blackstone Senior Loan ETF
 
315,000
12,691,350
 
 
27,534,379
Total Investment Companies — 5.3%
(Cost: $27,912,183)
27,534,379
 
 
 
Par
(000)
 
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 2.4%
Alternative Loan Trust
 
Series 2005-54CB, Class 3A4, 5.50%, 11/25/35
USD
906
458,411
Series 2006-J8, Class A5, 6.00%, 02/25/37
 
1,734
622,212
Series 2007-19, Class 1A1, 6.00%, 08/25/37
 
528
251,907
Angel Oak Mortgage Trust, Series 2026-3, Class A1,
06/25/71(a)(b)(d)
 
905
904,985
BRAVO Residential Funding Trust, Series 2026-NQM6,
Class A1, 5.52%, 05/25/66(a)(b)
 
905
904,993
CHL Mortgage Pass-Through Trust
 
Series 2005-17, Class 1A6, 5.50%, 09/25/35
 
58
56,562
Series 2006-17, Class A2, 6.00%, 12/25/36
 
611
263,400
Series 2007-HY5, Class 3A1, 4.92%, 09/25/37(b)
 
133
124,615
COLT Mortgage Loan Trust(a)
 
Series 2024-7, Class A1, 5.54%, 12/26/69
 
994
994,412
Series 2024-INV4, Class A1, 5.61%, 05/25/69(c)
 
947
949,257
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Deephaven Residential Mortgage Trust, Series 2025-
INV1, Class A1, 5.09%, 11/25/60(a)(b)(c)
USD
854
$ 847,557
Ellington Financial Mortgage Trust, Series 2021-2,
Class A1, 0.93%, 06/25/66(a)(b)
 
150
127,038
GCAT Trust(a)(b)
 
Series 2022-NQM3, Class A1, 5.35%, 04/25/67(c)
 
1,152
1,149,002
Series 2024-INV4, Class A2, 5.50%, 12/25/54
 
685
684,074
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3,
4.50%, 10/25/35(b)
 
283
131,882
Homes Trust, Series 2024-NQM2, Class A1, 5.72%,
10/25/69(a)
 
385
385,385
JP Morgan Mortgage Trust, Series 2022-DSC1,
Class A1, 4.75%, 01/25/63(a)(b)
 
269
260,868
OBX Trust(a)
 
Series 2023-NQM6, Class A1, 6.52%, 07/25/63
 
515
514,530
Series 2024-NQM17, Class A1, 5.61%, 11/25/64(b)
 
772
774,152
Sequoia Mortgage Trust, Series 2024-INV1, Class A3,
5.50%, 10/25/54(a)(b)
 
591
588,927
Spruce Hill Mortgage Loan Trust, Series 2022-SH1,
Class A1A, 4.10%, 07/25/57(a)
 
442
435,982
Verus Securitization Trust, Series 2022-3, Class A1,
5.13%, 02/25/67(a)(c)
 
1,013
963,752
 
 
12,393,903
Commercial Mortgage-Backed Securities(a) — 2.2%
425 Trust(b)(d)
 
Series 2026-LEX, Class E, 07/15/43
 
145
145,000
Series 2026-LEX, Class F, 07/15/43
 
100
100,000
BFLD Commercial Mortgage Trust, Series 2024-UNIV,
Class D, (1 mo. Term SOFR + 2.69%), 6.32%,
11/15/41(b)
 
630
630,591
BHMS Commercial Mortgage Trust, Series 2025-ATLS,
Class A, (1 mo. Term SOFR + 1.85%), 5.48%,
08/15/42(b)
 
381
382,475
BLP Commercial Mortgage Trust, Series 2024-INDS,
Class D, (1 mo. Term SOFR + 2.59%), 6.22%,
03/15/41(b)
 
304
304,787
BPR Commercial Mortgage Trust, Series 2024-PARK,
Class D, 7.23%, 11/05/39(b)
 
200
204,237
BX Commercial Mortgage Trust(b)
 
Series 2024-MF, Class C, (1 mo. Term SOFR +
1.94%), 5.57%, 02/15/39
 
452
452,570
Series 2024-XL4, Class C, (1 mo. Term SOFR +
2.19%), 5.82%, 02/15/39
 
75
75,056
BX Trust(b)
 
Series 2024-BIO, Class C, (1 mo. Term SOFR +
2.64%), 6.27%, 02/15/41
 
240
238,500
Series 2024-CNYN, Class C, (1 mo. Term SOFR +
1.94%), 5.57%, 04/15/41
 
560
560,700
Century Plaza Towers, Series 2019-CPT, Class C,
3.10%, 11/13/39(b)
 
250
226,610
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term
SOFR + 3.04%), 6.67%, 08/15/41(b)
 
660
656,331
Cross 2026-NQM8 Mortgage Trust, 07/25/71(b)(d)
 
780
779,905
DBC Mortgage Trust, Series 2025-DBC, Class C, (1 mo.
Term SOFR + 2.05%), 5.68%, 11/15/42(b)
 
1,240
1,243,875
DC Trust, Series 2024-HLTN, Class C, 7.29%,
04/13/40(b)
 
220
217,767
DK Trust(b)
 
Series 2025-LXP, Class B, (1 mo. Term SOFR +
1.84%), 5.48%, 08/15/37
 
274
274,428
94
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
DK Trust(b) (continued)
 
Series 2025-LXP, Class C, (1 mo. Term SOFR +
2.24%), 5.88%, 08/15/37
USD
293
$ 293,549
GS Mortgage Securities Corp. Trust(b)
 
Series 2025-800D, Class A, (1 mo. Term SOFR +
2.65%), 6.29%, 11/25/41
 
454
452,589
Series 2025-800D, Class B, (1 mo. Term SOFR +
3.45%), 7.09%, 11/25/41
 
900
897,468
MCR Mortgage Trust, Series 2024-TWA, Class E, 8.73%,
06/12/39
 
790
789,984
MIC Trust, Series 2023-MIC, Class B, 9.86%,
12/05/38(b)
 
234
247,616
National Commercial Mortgage Trust, Series 2026-IND,
Class C, (1 mo. Term SOFR + 1.75%), 5.38%,
06/15/43(b)
 
420
420,655
SLG Office Trust(b)
 
Series 2026-OMA, Class E, 7.19%, 04/15/41
 
115
114,977
Series 2026-OMA, Class F, 8.19%, 04/15/41
 
235
235,404
VEGAS, Series 2024-GCS, Class D, 6.42%, 07/10/36(b)
 
572
570,078
VRTX Trust, Series 2025-HQ, Class B, 5.67%,
08/05/42(b)
 
895
881,578
Wells Fargo Commercial Mortgage Trust, Series 2024-
BPRC, Class D, 7.08%, 07/15/43
 
250
247,586
 
 
11,644,316
Total Non-Agency Mortgage-Backed Securities — 4.6%
(Cost: $25,204,983)
24,038,219
Preferred Securities
Capital Trusts — 7.9%(b)
Banks(c)(n) — 0.5%
ING Groep NV, 3.88%
 
1,750
1,718,943
Nordea Bank Abp, 3.75%(a)
 
560
525,924
PNC Financial Services Group, Inc., Series W, 6.25%
 
500
511,123
 
 
2,755,990
Capital Markets — 0.0%
State Street Corp., 4.93%, 06/01/77(c)
 
194
174,579
Electric Utilities — 1.6%
AES Andes SA, 8.15%, 06/10/55(a)
 
200
208,500
Electricite de France SA, 3.00%(f)(n)
EUR
200
226,235
NextEra Energy Capital Holdings, Inc.
 
5.65%, 05/01/79(c)
USD
3,750
3,741,211
Series CC, 6.63%, 10/01/66
 
2,030
2,061,256
PG&E Corp., 7.38%, 03/15/55(c)
 
2,078
2,117,445
 
 
8,354,647
Financial Services — 4.9%
Bank of America Corp., Series OO, 6.63%(c)(n)
 
4,260
4,391,971
Barclays PLC(n)
 
4.38%(c)
 
2,455
2,383,261
8.00%(c)
 
2,200
2,310,660
9.63%
 
805
892,650
BNP Paribas SA, 7.38%(a)(c)(n)
 
2,500
2,604,535
Citigroup, Inc., Series FF, 6.95%(c)(n)
 
2,500
2,557,563
Security
 
Par
(000)
Value
Financial Services (continued)
JPMorgan Chase & Co.(c)
 
Series II, 6.47%(n)
USD
4,000
$ 4,010,972
Series U, 4.88%, 01/15/87
 
325
298,344
NatWest Group PLC, 8.13%(c)(n)
 
735
813,494
UBS Group AG, 9.25%(a)(c)(n)
 
4,400
5,066,908
 
 
25,330,358
Independent Power and Renewable Electricity Producers(a)(n) — 0.1%
NRG Energy, Inc., 10.25%(c)
 
424
457,510
Vistra Corp., 7.00%
 
209
210,656
 
 
668,166
Oil, Gas & Consumable Fuels — 0.1%
Energy Transfer LP, 8.00%, 05/15/54(c)
 
469
497,869
Pharmaceuticals(c) — 0.7%
CVS Health Corp.
 
6.75%, 12/10/54
 
635
661,569
7.00%, 03/10/55
 
2,605
2,704,516
 
 
3,366,085
 
41,147,694
 
 
 
 
Shares
 
Preferred Stocks — 0.4%(g)
Capital Markets — 0.3%
Morgan Stanley, Series F, 6.88%(n)
 
55,000
1,380,500
Financial Services — 0.1%
Labels Buyer LLC, 12.00%
 
363
297,660
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc., 07/21/30(e)
 
107
21,326
IT Services — 0.0%
Veritas Newco
 
Series G, 12/31/49
 
2,283
45,660
Series G-1, 12/31/49
 
1,576
30,732
 
 
76,392
 
1,775,878
Total Preferred Securities — 8.3%
(Cost: $42,112,310)
42,923,572
 
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Mortgage-Backed Securities(c) — 2.6%
Freddie Mac Mortgage-Backed Securities, 4.00%,
05/01/39
USD
703
680,766
Uniform Mortgage-Backed Securities
 
3.50%, 09/01/42 - 10/01/42
 
7,387
6,913,543
Schedule of Investments
95
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
 
4.50%, 06/01/44
USD
1,349
$ 1,322,350
5.00%, 11/01/44 - 07/13/56(p)
 
4,531
4,500,388
 
 
13,417,047
Total U.S. Government Sponsored Agency Securities — 2.6%
(Cost: $13,294,618)
13,417,047
 
 
 
 
Shares
 
Warrants
Financial Services(g) — 0.0%
Labels Buyer LLC
 
320
800
Service King (Carnelian Point), (Exercisable 01/14/23,
1 Share for 1 Warrant, Expires 06/30/27, Strike Price
USD 10.00)
 
1,315
—
 
 
800
Total Warrants — 0.0%
(Cost: $ — )
800
Total Long-Term Investments — 155.4%
(Cost: $813,978,307)
805,482,445
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.54%(q)(r)
 
6,173,706
6,173,706
Total Short-Term Securities — 1.2%
(Cost: $6,173,706)
6,173,706
Total Investments — 156.6%
(Cost: $820,152,013)
811,656,151
Liabilities in Excess of Other Assets — (56.6)%
(293,511,340
)
Net Assets — 100.0%
$  518,144,811
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
All or a portion of the security has been pledged as collateral in connection with
outstanding reverse repurchase agreements.
(d)
When-issued security.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(f)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(g)
Non-income producing security.
(h)
Issuer filed for bankruptcy and/or is in default.
(i)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(j)
Convertible security.
(k)
Zero-coupon bond.
(l)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(m)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $5,678,533, representing 1.1% of its net assets as of
period end, and an original cost of $5,683,000.
(n)
Perpetual security with no stated maturity date.
(o)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(p)
Represents or includes a TBA transaction.
(q)
Affiliate of the Fund.
(r)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 4,079,242
$ 2,094,464
(a)
$ —
$ —
$ —
$ 6,173,706
6,173,706
$ 58,877
$ —
 
(a)
Represents net amount purchased (sold).
96
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements 
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
Credit Agricole Corporate and Investment
Bank
3.77
%(b)
12/09/24
Open
$ 342,656
$ 365,882
Corporate Bonds
Open/Demand
Credit Agricole Corporate and Investment
Bank
3.84
(b)
12/17/24
Open
243,815
260,349
Corporate Bonds
Open/Demand
Credit Agricole Corporate and Investment
Bank
3.86
(b)
12/17/24
Open
623,290
672,932
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
07/18/25
Open
690,046
717,447
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
3.80
01/21/26
Open
353,194
359,196
Capital Trusts
Open/Demand
Goldman Sachs & Co. LLC
3.80
(b)
01/21/26
Open
349,719
355,662
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
01/30/26
Open
246,943
250,874
Foreign Agency Obligations
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
01/30/26
Open
377,500
383,509
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
02/24/26
Open
193,000
195,567
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
02/24/26
Open
197,021
199,642
Foreign Agency Obligations
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
02/24/26
Open
196,600
199,215
Foreign Agency Obligations
Open/Demand
Morgan Stanley & Co. LLC
3.50
(b)
04/08/26
Open
856,360
863,354
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/08/26
Open
1,066,389
1,076,043
Corporate Bonds
Open/Demand
Morgan Stanley & Co. LLC
2.85
(b)
04/14/26
Open
136,210
137,051
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/15/26
Open
1,237,766
1,247,985
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/15/26
Open
307,900
310,442
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/15/26
Open
392,297
395,545
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
287,874
290,263
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
319,000
321,647
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
301,210
303,710
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
300,915
303,412
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
295,343
297,794
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
292,975
295,407
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
301,339
303,840
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/15/26
Open
301,658
304,161
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
04/23/26
Open
101,194
101,950
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/24/26
Open
1,087,645
1,095,575
Corporate Bonds
Open/Demand
Citigroup Global Markets, Inc.
3.73
(b)
04/27/26
Open
1,069,167
1,076,368
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.81
(b)
04/27/26
Open
288,844
290,831
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.81
(b)
04/27/26
Open
225,600
227,152
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
509,655
513,207
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
563,809
567,738
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
750,536
755,767
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
1,005,176
1,012,182
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
529,515
533,205
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
925,194
931,642
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
609,600
613,849
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
1,368,990
1,378,531
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
772,282
777,665
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
1,031,201
1,038,388
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
621,217
625,547
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
366,871
369,428
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
326,685
328,962
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
737,490
742,630
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
843,712
849,593
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
443,775
446,876
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
04/27/26
Open
447,527
450,655
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
452,209
455,369
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
1,261,811
1,270,628
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
1,847,612
1,860,523
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
711,247
716,217
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
413,511
416,401
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
483,522
486,901
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
426,525
429,505
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
440,974
444,055
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
317,284
319,501
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
306,228
308,367
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
04/27/26
Open
533,250
536,976
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
741,210
746,389
Corporate Bonds
Open/Demand
Schedule of Investments
97
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
U.S. Bancorp Investments, Inc.
3.87
%(b)
04/27/26
Open
$ 736,182
$ 741,327
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
394,275
397,030
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
417,690
420,609
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
460,245
463,461
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
750,075
755,316
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
04/27/26
Open
558,301
562,223
Corporate Bonds
Open/Demand
HSBC Bank PLC
3.90
(b)
04/29/26
Open
690,562
695,276
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
04/29/26
Open
315,692
317,847
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
04/29/26
Open
1,484,351
1,494,378
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/29/26
Open
506,850
510,274
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.92
(b)
04/29/26
Open
297,403
299,443
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
05/05/26
Open
221,517
222,885
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
05/05/26
Open
210,560
211,860
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
05/05/26
Open
209,440
210,733
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
05/05/26
Open
1,152,217
1,159,332
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
05/05/26
Open
213,080
214,396
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
05/07/26
Open
220,798
222,103
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
05/08/26
Open
1,775,605
1,785,992
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
05/12/26
Open
97,960
98,491
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
05/12/26
Open
380,881
382,944
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
05/13/26
Open
1,518,247
1,526,224
Corporate Bonds
Open/Demand
J.P. Morgan Securities LLC
3.70
(b)
05/14/26
Open
239,475
240,656
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
05/14/26
Open
1,032,537
1,037,865
Corporate Bonds
Open/Demand
BofA Securities, Inc.
4.12
05/28/26
07/02/26
911,137
914,266
Asset-Backed Securities
Up to 30 Days
BofA Securities, Inc.
4.12
05/28/26
07/02/26
2,715,323
2,724,646
Asset-Backed Securities
Up to 30 Days
BofA Securities, Inc.
4.12
05/28/26
07/02/26
781,298
783,980
Non-Agency Mortgage-Backed
Securities
Up to 30 Days
BofA Securities, Inc.
4.12
05/28/26
07/02/26
1,082,287
1,086,003
Asset-Backed Securities
Up to 30 Days
BofA Securities, Inc.
4.12
05/28/26
07/02/26
871,332
874,323
Non-Agency Mortgage-Backed
Securities
Up to 30 Days
BofA Securities, Inc.
4.12
05/28/26
07/02/26
2,055,885
2,062,944
Asset-Backed Securities
Up to 30 Days
BofA Securities, Inc.
4.17
05/28/26
07/02/26
1,037,323
1,040,927
Non-Agency Mortgage-Backed
Securities
Up to 30 Days
BofA Securities, Inc.
4.17
05/28/26
07/02/26
886,572
889,653
Non-Agency Mortgage-Backed
Securities
Up to 30 Days
U.S. Bancorp Investments, Inc.
3.86
(b)
05/29/26
Open
542,117
544,035
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
05/29/26
Open
811,212
814,097
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
06/01/26
Open
3,218,364
3,228,823
Corporate Bonds
Open/Demand
BNP Paribas SA
3.90
(b)
06/01/26
Open
5,534
5,552
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.79
(b)
06/04/26
Open
93,590
93,856
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.79
(b)
06/04/26
Open
209,275
209,870
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.88
(b)
06/04/26
Open
345,530
346,535
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.90
(b)
06/04/26
Open
1,162,000
1,165,399
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.90
(b)
06/04/26
Open
396,817
397,978
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.90
(b)
06/04/26
Open
410,625
411,826
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.90
(b)
06/04/26
Open
207,188
207,794
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.90
(b)
06/04/26
Open
399,822
400,992
Capital Trusts
Open/Demand
RBC Capital Markets, LLC
3.90
(b)
06/04/26
Open
262,318
263,085
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/05/26
Open
251,550
252,253
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.65
(b)
06/08/26
Open
1,446,784
1,450,158
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.67
(b)
06/08/26
Open
141,105
141,436
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.67
(b)
06/08/26
Open
116,450
116,723
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.70
(b)
06/08/26
Open
252,525
253,122
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.72
(b)
06/08/26
Open
270,323
270,965
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.72
(b)
06/08/26
Open
118,490
118,772
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.73
(b)
06/08/26
Open
251,143
251,741
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.73
(b)
06/08/26
Open
131,198
131,510
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.73
(b)
06/08/26
Open
389,473
390,401
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.73
(b)
06/08/26
Open
93,730
93,953
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.75
(b)
06/08/26
Open
163,147
163,538
Foreign Agency Obligations
Open/Demand
Nomura Securities International, Inc.
3.80
(b)
06/08/26
Open
186,788
187,242
Foreign Agency Obligations
Open/Demand
Nomura Securities International, Inc.
3.85
(b)
06/08/26
Open
377,540
378,469
Corporate Bonds
Open/Demand
98
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
Nomura Securities International, Inc.
3.85
%(b)
06/08/26
Open
$ 207,414
$ 207,924
Foreign Agency Obligations
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
242,560
243,164
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
310,929
311,704
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
889,490
891,706
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
309,260
310,031
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
759,520
761,412
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
278,996
279,691
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
316,339
317,127
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
34,822
34,908
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
265,399
266,060
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
1,708,180
1,712,436
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
662,096
663,746
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/08/26
Open
184,146
184,605
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.80
(b)
06/08/26
Open
183,210
183,655
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.80
(b)
06/08/26
Open
290,513
291,218
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.80
(b)
06/08/26
Open
304,838
305,578
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
160,674
161,069
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
106,540
106,802
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
467,665
468,815
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
169,864
170,282
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
06/08/26
Open
268,494
269,163
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,579,060
1,582,994
Capital Trusts
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
165,158
165,569
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
212,520
213,050
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
529,312
530,631
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
110,110
110,384
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
197,263
197,754
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
532,475
533,802
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
295,438
296,174
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
849,466
851,583
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
474,825
476,017
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
169,288
169,710
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
609,797
611,317
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
703,470
705,223
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
459,097
460,241
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
426,759
427,822
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
295,733
296,469
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
471,738
472,914
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
205,173
205,684
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,094,400
1,097,127
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
228,409
228,978
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
897,479
899,715
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
34,919
35,006
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
502,994
504,248
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
391,747
392,724
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
285,199
285,909
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
714,319
716,112
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
548,708
550,075
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
408,647
409,666
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
247,015
247,630
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
428,775
429,844
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,607,373
1,611,378
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,481,284
1,484,975
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
647,235
648,848
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
185,440
185,902
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
329,680
330,501
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
256,500
257,139
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
248,177
248,795
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
613,293
614,821
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
261,073
261,723
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
358,437
359,331
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
468,065
469,231
Corporate Bonds
Open/Demand
Schedule of Investments
99
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
TD Securities (USA) LLC
3.93
%(b)
06/08/26
Open
$ 571,936
$ 573,361
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
317,720
318,512
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
576,730
578,167
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
313,225
314,005
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
253,724
254,356
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,343,547
1,346,895
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
137,085
137,427
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,453,185
1,456,806
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
878,030
880,217
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
337,582
338,423
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
314,423
315,206
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
854,145
856,273
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
299,205
299,951
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
3,561,840
3,570,715
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
307,628
308,395
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
85,267
85,480
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
252,894
253,524
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
319,342
320,138
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
614,434
615,965
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
503,924
505,179
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
801,740
803,738
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
245,666
246,278
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
226,180
226,744
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
2,687,990
2,694,739
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
212,960
213,491
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
153,900
154,283
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
787,611
789,574
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
245,760
246,372
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
988,537
991,001
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
203,130
203,636
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
369,706
370,627
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
551,737
553,112
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
198,602
199,096
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
318,150
318,943
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
207,100
207,616
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
923,320
925,621
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
372,240
373,168
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
331,075
331,900
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,948,320
1,953,175
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
469,254
470,423
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
284,258
284,966
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
06/08/26
Open
47,652
47,771
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
216,218
216,756
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
121,773
122,076
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
364,250
365,158
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
632,700
634,276
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
197,760
198,253
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
551,642
553,016
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
108,641
108,912
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
495,276
496,510
Corporate Bonds
Open/Demand
HSBC Bank PLC
3.90
(b)
06/09/26
Open
760,646
762,459
Corporate Bonds
Open/Demand
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
4,888,661
4,898,818
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
1,278,189
1,280,845
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
657,884
659,251
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
1,801,472
1,805,215
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Wells Fargo Securities, LLC
3.74
06/10/26
07/13/26
2,074,931
2,079,242
U.S. Government Sponsored
Agency Securities
Up to 30 Days
100
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
Wells Fargo Securities, LLC
3.74
% 
06/10/26
07/13/26
$ 374,716
$ 375,495
U.S. Government Sponsored
Agency Securities
Up to 30 Days
U.S. Bancorp Investments, Inc.
3.88
(b)
06/10/26
Open
280,865
281,501
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/10/26
Open
221,850
222,355
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
06/11/26
Open
42,818
42,910
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
372,937
373,741
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
340,819
341,553
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
340,650
341,384
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
361,620
362,399
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
373,350
374,155
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
418,310
419,212
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
3.60
(b)
06/11/26
Open
347,084
347,778
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.60
(b)
06/11/26
Open
771,884
773,428
Corporate Bonds
Open/Demand
Morgan Stanley & Co. LLC
(0.75
)
06/12/26
07/09/26
89,356
89,392
Corporate Bonds
Up to 30 Days
Morgan Stanley & Co. LLC
0.25
06/12/26
07/09/26
140,954
140,972
Corporate Bonds
Up to 30 Days
Morgan Stanley & Co. LLC
3.00
06/12/26
07/09/26
237,519
237,895
Corporate Bonds
Up to 30 Days
Morgan Stanley & Co. LLC
3.25
06/12/26
07/09/26
96,555
96,721
Corporate Bonds
Up to 30 Days
Morgan Stanley & Co. LLC
3.65
06/12/26
07/09/26
258,911
259,410
Corporate Bonds
Up to 30 Days
U.S. Bancorp Investments, Inc.
3.86
(b)
06/12/26
Open
313,650
314,289
Corporate Bonds
Open/Demand
Barclays Capital, Inc.
3.74
(b)
06/12/26
Open
1,197,772
1,200,136
Corporate Bonds
Open/Demand
Barclays Capital, Inc.
3.85
(b)
06/12/26
Open
320,407
321,059
Corporate Bonds
Open/Demand
Barclays Capital, Inc.
3.85
(b)
06/12/26
Open
311,013
311,644
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.83
(b)
06/12/26
Open
77,438
77,594
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/16/26
Open
3,939,334
3,945,293
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/16/26
Open
1,937,735
1,940,666
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/16/26
Open
2,481,262
2,485,016
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/17/26
Open
284,760
285,191
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/17/26
Open
633,229
634,187
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/17/26
Open
768,994
770,157
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/17/26
Open
3,630,000
3,635,491
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/17/26
Open
516,781
517,563
Corporate Bonds
Open/Demand
J.P. Morgan Securities LLC
3.55
06/22/26
07/31/26
479,687
480,113
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.65
06/22/26
07/31/26
469,706
470,135
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.70
06/22/26
07/31/26
878,006
878,818
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/22/26
07/31/26
552,475
552,993
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/22/26
07/31/26
181,344
181,514
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/22/26
07/31/26
1,130,855
1,131,915
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.80
06/22/26
07/31/26
540,600
541,114
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.82
06/22/26
07/31/26
373,302
373,659
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.83
06/22/26
07/31/26
177,353
177,522
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.90
06/22/26
07/31/26
1,537,500
1,538,999
Corporate Bonds
Up to 30 Days
U.S. Bancorp Investments, Inc.
3.81
(b)
06/22/26
Open
978,750
979,682
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.81
(b)
06/22/26
Open
973,750
974,678
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.81
(b)
06/22/26
Open
199,330
199,520
Corporate Bonds
Open/Demand
Barclays Bank PLC
3.74
(b)
06/22/26
Open
457,500
457,928
Corporate Bonds
Open/Demand
Credit Agricole Corporate and Investment
Bank
3.75
(b)
06/22/26
Open
246,000
246,231
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
06/22/26
Open
269,500
269,754
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.82
(b)
06/22/26
Open
147,500
147,641
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/23/26
Open
613,370
613,898
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
0.00
(b)
06/23/26
Open
97,043
97,127
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/24/26
Open
386,370
386,660
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/24/26
Open
302,000
302,231
Corporate Bonds
Open/Demand
BNP Paribas SA
3.60
06/25/26
07/07/26
954,289
954,861
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.60
06/25/26
07/07/26
33,120
33,140
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.64
06/25/26
07/07/26
567,675
568,019
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.65
06/25/26
07/07/26
233,920
234,062
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.70
06/25/26
07/07/26
484,057
484,356
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.71
06/25/26
07/07/26
134,063
134,145
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.74
06/25/26
07/07/26
115,094
115,165
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.74
06/25/26
07/07/26
454,410
454,693
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.74
06/25/26
07/07/26
208,845
208,975
Corporate Bonds
Up to 30 Days
Schedule of Investments
101
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
BNP Paribas SA
3.74
% 
06/25/26
07/07/26
$ 312,503
$ 312,697
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.74
06/25/26
07/07/26
101,333
101,396
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.74
06/25/26
07/07/26
151,800
151,895
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.74
06/25/26
07/07/26
1,016,470
1,017,104
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.75
06/25/26
07/07/26
429,750
430,019
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.75
06/25/26
07/07/26
3,775,000
3,777,359
Capital Trusts
Up to 30 Days
BNP Paribas SA
3.78
06/25/26
07/07/26
475,625
475,925
Capital Trusts
Up to 30 Days
BNP Paribas SA
3.79
06/25/26
07/07/26
191,627
191,748
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.79
06/25/26
07/07/26
149,150
149,244
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.81
06/25/26
07/07/26
116,500
116,574
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.82
06/25/26
07/07/26
4,126,875
4,129,502
Capital Trusts
Up to 30 Days
BNP Paribas SA
3.83
06/25/26
07/07/26
273,573
273,747
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.83
06/25/26
07/07/26
798,969
799,479
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.85
06/25/26
07/07/26
414,745
415,011
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.85
06/25/26
07/07/26
814,320
814,843
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
986,430
987,068
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
847,189
847,737
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
1,806,563
1,807,732
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
449,862
450,153
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
778,300
778,803
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
501,095
501,419
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
1,116,942
1,117,665
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
170,696
170,806
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
489,440
489,757
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
(b)
06/25/26
07/07/26
1,709,360
1,710,468
Capital Trusts
Up to 30 Days
BNP Paribas SA
3.89
06/25/26
07/07/26
497,752
498,075
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/25/26
07/07/26
210,031
210,167
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
334,467
334,685
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
459,025
459,324
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
1,159,847
1,160,601
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
357,500
357,732
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
239,395
239,551
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
173,190
173,303
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
890,055
890,634
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
612,711
613,109
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
158,790
158,893
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
645,697
646,117
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
316,665
316,871
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
374,196
374,439
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
354,535
354,765
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
201,810
201,941
Capital Trusts
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
578,160
578,536
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
354,510
354,740
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.95
06/25/26
07/07/26
1,850,740
1,851,958
Capital Trusts
Up to 30 Days
BNP Paribas SA
3.95
06/25/26
07/07/26
185,074
185,196
Capital Trusts
Up to 30 Days
BofA Securities, Inc.
2.50
06/25/26
09/14/26
453,326
453,515
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.40
06/25/26
09/14/26
77,644
77,688
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.40
06/25/26
09/14/26
865,555
866,045
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.45
06/25/26
09/14/26
98,741
98,798
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
507,210
507,514
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
50,955
50,985
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
187,200
187,312
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
201,240
201,361
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
69,274
69,315
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
104,945
105,008
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
230,978
231,116
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.65
06/25/26
09/14/26
518,269
518,584
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
349,416
349,632
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
132,225
132,307
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
72,144
72,188
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.75
06/25/26
09/14/26
88,529
88,585
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.75
06/25/26
09/14/26
285,643
285,821
Corporate Bonds
31 - 90 Days
102
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
BofA Securities, Inc.
3.80
% 
06/25/26
09/14/26
$ 249,900
$ 250,058
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.80
06/25/26
09/14/26
379,275
379,515
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/25/26
09/14/26
1,238,145
1,238,939
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/25/26
09/14/26
29,925
29,944
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/25/26
09/14/26
614,789
615,183
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/25/26
09/14/26
200,919
201,048
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.90
06/25/26
09/14/26
42,770
42,798
Corporate Bonds
31 - 90 Days
Nomura Securities International, Inc.
0.00
(b)
06/25/26
Open
466,556
466,860
Corporate Bonds
Open/Demand
Barclays Bank PLC
3.74
06/26/26
07/24/26
234,000
234,122
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
204,688
204,794
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
269,728
269,868
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
157,383
157,464
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.75
06/26/26
07/24/26
148,000
148,077
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.80
06/26/26
07/24/26
480,043
480,297
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.80
06/26/26
07/24/26
2,826,562
2,828,054
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.85
06/26/26
07/24/26
2,256,775
2,257,982
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
4,137,640
4,139,881
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
618,084
618,418
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
1,985,275
1,986,350
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.50
06/26/26
07/24/26
105,569
105,620
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
902,500
902,969
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
3,740
3,742
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
2,152,372
2,153,491
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
839,520
839,956
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
563,976
564,269
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
5,264,815
5,267,550
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
832,755
833,188
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
133,961
134,031
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
1,039,084
1,039,624
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
746,790
747,178
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.80
06/26/26
07/24/26
297,745
297,902
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.80
06/26/26
07/24/26
340,200
340,380
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.85
06/26/26
07/24/26
262,330
262,470
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.85
06/26/26
07/24/26
286,371
286,524
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.85
06/26/26
07/24/26
439,652
439,888
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.85
06/26/26
07/24/26
703,235
703,611
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
740,037
740,438
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
1,334,092
1,334,814
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
1,169,707
1,170,341
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
868,575
869,045
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
243,210
243,342
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
184,756
184,856
Capital Trusts
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
1,244,312
1,244,986
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
456,657
456,905
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
719,055
719,444
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
458,880
459,129
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
532,334
532,622
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
390,080
390,291
Capital Trusts
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
644,400
644,749
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
548,240
548,537
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
398,074
398,289
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
344,144
344,330
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
40,223
40,245
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
277,169
277,319
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
213,818
213,933
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
399,417
399,633
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
3.70
06/26/26
09/14/26
448,010
448,240
Corporate Bonds
31 - 90 Days
BNP Paribas SA
3.79
06/29/26
07/07/26
198,338
198,379
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.83
06/29/26
07/07/26
241,764
241,815
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.85
06/29/26
07/07/26
199,144
199,186
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.85
06/29/26
07/07/26
483,270
483,373
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/29/26
07/07/26
327,187
327,258
Corporate Bonds
Up to 30 Days
Schedule of Investments
103
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
BNP Paribas SA
3.88
% 
06/29/26
07/07/26
$ 221,250
$ 221,298
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/29/26
07/07/26
524,947
525,061
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.85
06/29/26
07/24/26
80,421
80,438
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/29/26
07/24/26
123,874
123,901
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/29/26
07/24/26
279,295
279,356
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/29/26
07/31/26
173,152
173,188
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
3.65
06/29/26
09/14/26
160,096
160,129
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.65
06/29/26
09/14/26
313,230
313,294
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/29/26
09/14/26
398,450
398,532
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.75
06/29/26
09/14/26
231,785
231,833
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/29/26
09/14/26
403,837
403,924
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/29/26
09/14/26
227,316
227,365
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/29/26
09/14/26
314,698
314,765
Corporate Bonds
31 - 90 Days
U.S. Bancorp Investments, Inc.
3.86
(b)
06/29/26
Open
912,274
912,469
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/29/26
Open
310,590
310,657
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/29/26
Open
242,393
242,444
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/29/26
Open
328,819
328,889
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/29/26
Open
258,193
258,248
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/29/26
Open
224,153
224,201
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/29/26
Open
340,626
340,699
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/29/26
Open
227,430
227,479
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/29/26
Open
309,600
309,667
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/29/26
Open
103,788
103,810
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/29/26
Open
158,620
158,654
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/29/26
Open
153,300
153,333
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/29/26
Open
417,382
417,473
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/29/26
Open
1,572,344
1,572,684
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
06/29/26
Open
362,476
362,555
Corporate Bonds
Open/Demand
Barclays Capital, Inc.
3.85
(b)
06/29/26
Open
488,775
488,880
Corporate Bonds
Open/Demand
Credit Agricole Corporate and Investment
Bank
3.80
(b)
06/29/26
Open
166,520
166,555
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
3.80
(b)
06/29/26
Open
76,920
76,936
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.72
(b)
06/29/26
Open
90,960
90,979
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.73
(b)
06/29/26
Open
555,937
556,053
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.73
(b)
06/29/26
Open
98,050
98,070
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/29/26
Open
326,812
326,883
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/29/26
Open
551,656
551,775
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
129,096
129,124
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
230,293
230,343
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
85,305
85,324
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
127,069
127,096
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
227,205
227,255
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
150,082
150,115
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
136,159
136,188
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/29/26
Open
196,100
196,143
Corporate Bonds
Open/Demand
BNP Paribas SA
3.74
06/30/26
07/07/26
1,455,667
1,455,819
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.74
06/30/26
07/07/26
964,781
964,881
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/30/26
07/24/26
584,215
584,278
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.95
06/30/26
07/24/26
761,683
761,767
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
3.65
06/30/26
09/14/26
352,639
352,674
Corporate Bonds
31 - 90 Days
U.S. Bancorp Investments, Inc.
3.86
(b)
06/30/26
Open
955,312
955,415
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/30/26
Open
471,641
471,692
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/30/26
Open
393,680
393,723
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.90
(b)
06/30/26
Open
217,253
217,276
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/30/26
Open
100,406
100,417
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/30/26
Open
4,003,785
4,004,222
Corporate Bonds
Open/Demand
104
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
TD Securities (USA) LLC
3.93
%(b)
06/30/26
Open
$ 1,747,837
$ 1,748,028
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/30/26
Open
1,042,860
1,042,974
Corporate Bonds
Open/Demand
 
 
 
$ 280,453,972
$ 281,234,674
 
 
 
(a)
Certain agreements have no stated maturity and can be terminated by either party at any time.
(b)
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
10-Year U.S. Ultra Long Treasury Note
19
09/21/26
$ 2,133
$ 10,225
2-Year U.S. Treasury Note
1,644
09/30/26
338,805
(84,972
)
5-Year U.S. Treasury Note
55
09/30/26
5,883
1,843
 
(72,904
)
Short Contracts 
10-Year U.S. Treasury Note
273
09/21/26
29,962
(203,742
)
10-Year U.S. Ultra Long Treasury Note
30
09/21/26
3,368
(41,648
)
U.S. Long Bond
87
09/21/26
9,836
(153,223
)
Ultra U.S. Treasury Bond
27
09/21/26
3,121
(48,310
)
 
(446,923
)
 
$ (519,827
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
121,455
EUR
102,573
BNP Paribas SA
07/16/26
$ 4,188
USD
124,563
EUR
105,200
BNP Paribas SA
07/16/26
4,294
USD
125,388
EUR
105,897
BNP Paribas SA
07/16/26
4,322
USD
191,094
EUR
161,384
BNP Paribas SA
07/16/26
6,592
USD
368,776
EUR
311,453
BNP Paribas SA
07/16/26
12,709
USD
116,105
EUR
99,659
Goldman Sachs International
07/16/26
2,170
USD
173,851
EUR
147,094
Wells Fargo Bank N.A.
07/16/26
5,686
USD
103,733
EUR
89,000
HSBC Bank PLC
09/16/26
1,719
USD
14,862,877
EUR
12,752,000
HSBC Bank PLC
09/16/26
246,356
USD
1,284,094
GBP
957,000
State Street Bank and Trust Co.
09/16/26
14,688
 
 
 
 
 
 
302,724
EUR
1,378
USD
1,632
Wells Fargo Bank N.A.
07/16/26
(56
)
EUR
2,078
USD
2,459
Wells Fargo Bank N.A.
07/16/26
(83
)
 
 
 
 
 
 
(139
)
 
$ 302,585
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.46.V2
5.00
% 
Quarterly
06/20/31
B
USD
5,792
$ 475,414
$ 466,472
$ 8,942
Schedule of Investments
105
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
OTC Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMA CGM SA
5.00
% 
Quarterly
Morgan Stanley & Co.
International PLC
06/20/27
BB+
EUR
30
$ 1,622
$ 1,381
$ 241
Adler Real Estate AG
5.00
Quarterly
Bank of America N.A.
12/20/27
N/R
EUR
7
352
(376
)
728
Adler Real Estate AG
5.00
Quarterly
Barclays Bank PLC
12/20/27
N/R
EUR
4
211
(202
)
413
Adler Real Estate AG
5.00
Quarterly
Barclays Bank PLC
12/20/27
N/R
EUR
12
595
(568
)
1,163
Adler Real Estate AG
5.00
Quarterly
Citibank N.A.
12/20/27
N/R
EUR
4
172
(168
)
340
Adler Real Estate AG
5.00
Quarterly
JPMorgan Chase Bank N.A.
12/20/27
N/R
EUR
8
361
(406
)
767
Adler Real Estate AG
5.00
Quarterly
Morgan Stanley & Co.
International PLC
12/20/27
N/R
EUR
5
262
(277
)
539
Altice France SA
5.00
Quarterly
JPMorgan Chase Bank N.A.
12/20/27
CCC+
EUR
11
577
391
186
Altice France SA
5.00
Quarterly
JPMorgan Chase Bank N.A.
12/20/27
CCC+
EUR
20
1,049
824
225
Altice France SA
5.00
Quarterly
Morgan Stanley & Co.
International PLC
12/20/27
CCC+
EUR
7
368
230
138
Worldline SA
5.00
Quarterly
BNP Paribas SA
06/20/28
BB
EUR
4
(155
)
(231
)
76
Virgin Media Finance PLC
5.00
Quarterly
JPMorgan Chase Bank N.A.
12/20/28
B-
EUR
13
107
978
(871
)
iTraxx.XO.42.V3 20-35%
5.00
Quarterly
BNP Paribas SA
12/20/29
CC+
EUR
33
5,151
4,228
923
Zegona Finance PLC
5.00
Quarterly
Deutsche Bank AG
06/20/30
BB
EUR
7
1,089
791
298
Faurecia SE
5.00
Quarterly
JPMorgan Chase Bank N.A.
12/20/30
BB-
EUR
20
2,511
1,754
757
 
 
 
 
 
 
$ 14,272
$ 8,349
$ 5,923
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR, 3.68%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
Morgan Stanley & Co.
International PLC
N/A
09/20/26
USD
3,000
$ 58,473
$ (27,051
)
$ 85,524
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps 
Description

Premiums
Paid

Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally Cleared Swaps(a)
$ 466,472
$ —
$ 8,942
$ —
OTC Swaps
10,577
(29,279
)
92,318
(871
)
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the
Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 12,068
$ —
$ 12,068
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
302,724
—
—
302,724
106
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
$ —
$ 8,942
$ —
$ —
$ —
$ —
$ 8,942
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
—
17,371
—
—
85,524
—
102,895
 
$ —
$ 26,313
$ —
$ 302,724
$ 97,592
$ —
$ 426,629
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 531,895
$ —
$ 531,895
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
139
—
—
139
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
—
3,099
—
—
27,051
—
30,150
 
$ —
$ 3,099
$ —
$ 139
$ 558,946
$ —
$ 562,184
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ —
$ —
$ (3,391,963
)
$ —
$ (3,391,963
)
Forward foreign currency exchange contracts
—
—
—
311,239
—
—
311,239
Swaps
—
7,953
—
—
122,595
—
130,548
 
$ —
$ 7,953
$ —
$ 311,239
$ (3,269,368
)
$ —
$ (2,950,176
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ (772,177
)
$ —
$ (772,177
)
Forward foreign currency exchange contracts
—
—
—
282,706
—
—
282,706
Swaps
—
49,361
—
—
(188,219
)
—
(138,858
)
 
$ —
$ 49,361
$ —
$ 282,706
$ (960,396
)
$ —
$ (628,329
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$375,634,954
Average notional value of contracts — short
47,351,672
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
17,421,625
Average amounts sold — in USD
2,853
Credit default swaps:
Average notional value — buy protection
4,090,000
Average notional value — sell protection
6,008,971
Total return swaps:
Average notional value
10,750,000
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
107
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 267,375
$ 256,003
Forward foreign currency exchange contracts
302,724
139
Swaps — centrally cleared
—
2,495
Swaps — OTC(a)
102,895
30,150
Total derivative assets and liabilities in the Statements of Assets and Liabilities
672,994
288,787
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(267,375
)
(258,498
)
Total derivative assets and liabilities subject to an MNA
$ 405,619
$ 30,289
 
(a)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$ 728
$ (376
)
$ —
$ —
$ 352
Barclays Bank PLC
1,576
(770
)
—
—
806
BNP Paribas SA
37,332
(231
)
—
—
37,101
Citibank N.A.
340
(168
)
—
—
172
Deutsche Bank AG
1,089
—
—
—
1,089
Goldman Sachs International
2,170
—
—
—
2,170
HSBC Bank PLC
248,075
—
—
—
248,075
JPMorgan Chase Bank N.A.
5,882
(1,277
)
—
—
4,605
Morgan Stanley & Co. International PLC
88,053
(27,328
)
—
—
60,725
State Street Bank and Trust Co.
14,688
—
—
—
14,688
Wells Fargo Bank N.A.
5,686
(139
)
—
—
5,547
 
$ 405,619
$ (30,289
)
$ —
$ —
$ 375,330
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Bank of America N.A.
$ 376
$ (376
)
$ —
$ —
$ —
Barclays Bank PLC
770
(770
)
—
—
—
BNP Paribas SA
231
(231
)
—
—
—
Citibank N.A.
168
(168
)
—
—
—
JPMorgan Chase Bank N.A.
1,277
(1,277
)
—
—
—
Morgan Stanley & Co. International PLC
27,328
(27,328
)
—
—
—
Wells Fargo Bank N.A.
139
(139
)
—
—
—
 
$ 30,289
$ (30,289
)
$ —
$ —
$ —
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default. 
108
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 32,010,946
$ 970,200
$ 32,981,146
Common Stocks
—
471,109
377,806
848,915
Corporate Bonds 
Advertising Agencies
—
6,229,672
—
6,229,672
Aerospace & Defense
—
11,825,690
—
11,825,690
Air Freight & Logistics
—
360,439
—
360,439
Automobile Components
—
4,946,633
—
4,946,633
Automobiles
—
5,217,754
—
5,217,754
Banks
—
433,929
—
433,929
Biotechnology
—
991,377
—
991,377
Building Materials
—
5,413,513
—
5,413,513
Building Products
—
4,578,265
—
4,578,265
Capital Markets
—
4,093,661
—
4,093,661
Chemicals
—
11,349,465
—
11,349,465
Commercial Services & Supplies
—
20,197,765
—
20,197,765
Construction & Engineering
—
2,246,023
—
2,246,023
Consumer Finance
2,809
6,549,342
—
6,552,151
Consumer Staples Distribution & Retail
—
3,216,197
—
3,216,197
Containers & Packaging
—
10,717,810
—
10,717,810
Distributors
—
1,405,716
—
1,405,716
Diversified REITs
—
2,905,982
—
2,905,982
Diversified Telecommunication Services
—
31,075,166
—
31,075,166
Electric Utilities
—
4,599,592
—
4,599,592
Electronic Equipment, Instruments & Components
—
670,988
—
670,988
Energy Equipment & Services
—
3,800,693
—
3,800,693
Entertainment
—
2,581,257
—
2,581,257
Environmental, Maintenance & Security Service
—
3,650,248
—
3,650,248
Financial Services
—
9,638,667
—
9,638,667
Food Products
—
5,246,587
—
5,246,587
Ground Transportation
—
2,001,497
—
2,001,497
Health Care Equipment & Supplies
—
2,930,510
—
2,930,510
Health Care Providers & Services
—
9,515,950
—
9,515,950
Health Care REITs
—
1,388,850
—
1,388,850
Hotel & Resort REITs
—
3,355,907
—
3,355,907
Hotels, Restaurants & Leisure
—
9,038,837
—
9,038,837
Household Durables
—
4,673,755
—
4,673,755
Household Products
—
—
—
—
Independent Power and Renewable Electricity Producers
—
9,511,767
—
9,511,767
Industrial Conglomerates
—
439,831
—
439,831
Insurance
—
20,328,365
—
20,328,365
Interactive Media & Services
—
6,965,980
—
6,965,980
Internet Software & Services
—
1,183,781
—
1,183,781
IT Services
—
3,330,933
420,480
3,751,413
Leisure Products
—
4,877,541
—
4,877,541
Machinery
—
3,048,851
—
3,048,851
Media
—
18,898,439
—
18,898,439
Metals & Mining
—
10,585,930
—
10,585,930
Mortgage Real Estate Investment Trusts (REITs)
—
983,739
—
983,739
Multi-Utilities
—
339,539
—
339,539
Oil, Gas & Consumable Fuels
—
37,334,409
—
37,334,409
Passenger Airlines
—
968,553
—
968,553
Personal Care Products
—
724,255
—
724,255
Pharmaceuticals
—
7,397,926
—
7,397,926
Real Estate Management & Development
—
3,046,937
—
3,046,937
Schedule of Investments
109
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Corporate Bonds (continued)
Retail REITs
$ —
$ 323,291
$ —
$ 323,291
Semiconductors & Semiconductor Equipment
—
1,068,675
—
1,068,675
Software
—
10,112,644
—
10,112,644
Specialty Retail
—
1,228,705
—
1,228,705
Technology Hardware, Storage & Peripherals
—
1,205,235
—
1,205,235
Textiles, Apparel & Luxury Goods
—
1,706,997
—
1,706,997
Tobacco
—
278,467
—
278,467
Transportation Infrastructure
—
364,047
58,565
422,612
Wireless Telecommunication Services
—
6,087,121
—
6,087,121
Fixed Rate Loan Interests
—
1,122,100
—
1,122,100
Floating Rate Loan Interests
—
300,002,901
6,003,797
306,006,698
Foreign Agency Obligations
—
6,938,020
—
6,938,020
Investment Companies 
Equity Funds
27,459,600
74,779
—
27,534,379
Non-Agency Mortgage-Backed Securities
—
24,038,219
—
24,038,219
Preferred Securities
Capital Trusts
—
41,147,694
—
41,147,694
Preferred Stocks 
Capital Markets
1,380,500
—
—
1,380,500
Financial Services
—
297,660
—
297,660
Ground Transportation
—
—
21,326
21,326
IT Services
—
76,392
—
76,392
U.S. Government Sponsored Agency Securities
—
13,417,047
—
13,417,047
Warrants
—
800
—
800
Short-Term Securities 
Money Market Funds
6,173,706
—
—
6,173,706
Unfunded Floating Rate Loan Interests(a)
—
15,964
—
15,964
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(1,696
)
(9,271
)
(10,967
)
 
$35,016,615
$768,801,630
$7,842,903
$811,661,148
Derivative Financial Instruments(b)
Assets 
Credit Contracts
$ —
$ 15,736
$ —
$ 15,736
Foreign Currency Exchange Contracts
—
302,724
—
302,724
Interest Rate Contracts
12,068
85,524
—
97,592
Liabilities 
Credit Contracts
—
(871
)
—
(871
)
Foreign Currency Exchange Contracts
—
(139
)
—
(139
)
Interest Rate Contracts
(531,895
)
—
—
(531,895
)
 
$(519,827
)
$402,974
$—
$(116,853
)
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $281,234,674 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Asset-Backed
Securities
Common
Stocks
Corporate
Bonds
Fixed
Rate Loan
Interests
Floating
Rate Loan
Interests
Other
Interests
Preferred
Stocks
Assets
Opening balance, as of December 31, 2025
$ 957,950
$ 880,865
$ 1,138,592
$ —
$ 8,377,670
$ —
(a)
$ 89,899
Transfers into Level 3(b)
—
—
—
—
296,042
—
18,660
Transfers out of Level 3(c)
—
(255,333
)
(1,093,493
)
—
(3,410,889
)
—
(89,899
)
Accrued discounts/premiums
(5,826
)
—
3,230
—
1,315
—
—
Net realized gain (loss)
—
201,750
—
—
(50,786
)
—
—
110
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
 
 
Asset-Backed
Securities
Common
Stocks
Corporate
Bonds
Fixed
Rate Loan
Interests
Floating
Rate Loan
Interests
Other
Interests
Preferred
Stocks
Net change in unrealized appreciation (depreciation)(d)(e)
$ 18,076
$ (404,435
)
$ (182,091
)
$ (1,511
)
$ 16,368
$ —
$ 2,666
Purchases
—
716,068
612,807
1,511
4,030,110
—
—
Sales
—
(761,109
)
—
—
(3,256,034
)
—
—
Closing balance, as of June 30, 2026
$ 970,200
$ 377,806
$ 479,045
$ —
$ 6,003,796
$ —
(a)
$ 21,326
Net change in unrealized appreciation (depreciation) on investments still held at June 30,
2026(e)
$ 18,076
$ (708,877
)
$ (182,091
)
$ (1,511
)
$ (1,143
)
$ —
(a)
$ 2,666
 
 
Unfunded
Floating Rate
Loan
Interests
Total
Assets/Liabilities
Opening balance, as of December 31, 2025
$ 171
$ 11,445,147
Transfers into Level 3(b)
3,478
318,180
Transfers out of Level 3(c)
(171
)
(4,849,785
)
Accrued discounts/premiums
—
(1,281
)
Net realized gain (loss)
—
150,964
Net change in unrealized appreciation (depreciation)(d)(e)
(12,748
)
(563,675
)
Purchases
—
5,360,496
Sales
—
(4,017,143
)
Closing balance, as of June 30, 2026
$ (9,270
)
$ 7,842,903
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e)
$ (12,748
)
$ (885,628
)
 
(a)
Rounds to less than $1.
(b)
As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2026, the Fund used significant unobservable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy.
(c)
As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2026, the Fund used observable
inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
(d)
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(e)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026 is
generally due to investments no longer held or categorized as Level 3 at period end.
The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
Schedule of Investments
111
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
AB Issuer LLC, Series 2026-1A, Class A2, 6.41%,
04/30/56(a)
USD
75
$ 75,361
AGL Core CLO Ltd., Series 2019-2A, Class A1R, (3-
mo. CME Term SOFR + 1.46%), 5.14%,
07/20/37(a)(b)
 
1,626
1,629,540
Apidos CLO XVIII-R(a)(b)
 
Series 2018-18A, Class A1R2, (3-mo. CME Term
SOFR + 1.33%), 4.99%, 01/22/38
 
1,450
1,452,389
Series 2018-18A, Class BR2, (3-mo. CME Term
SOFR + 1.70%), 5.36%, 01/22/38
 
870
872,420
Argent Securities Trust, Series 2006-W5, Class A1,
(1 mo. Term SOFR + 0.41%), 4.06%, 06/25/36(b)
 
3,429
2,269,022
Atrium XV, Series 15A, Class D1R, (3-mo. CME Term
SOFR + 3.30%), 6.98%, 07/16/37(a)(b)
 
550
542,133
Ballyrock CLO Ltd.(a)(b)
 
Series 2024-28A, Class A2, (3-mo. CME Term
SOFR + 1.70%), 5.38%, 01/20/38
 
250
250,674
Series 2025-30A, Class C1, (3-mo. CME Term
SOFR + 2.85%), 6.52%, 10/25/38
 
1,000
1,003,908
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-HE9, Class 2A, (1 mo. Term SOFR +
0.39%), 4.04%, 11/25/36(b)
 
318
315,626
BlueMountain CLO Ltd., Series 2018-3A, Class A1R,
(3-mo. CME Term SOFR + 1.19%), 4.86%,
10/25/30(a)(b)
 
146
145,576
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR,
(3-mo. CME Term SOFR + 1.07%), 4.75%,
07/18/34(a)(b)
 
2,500
2,500,273
Carlyle U.S. CLO Ltd., Series 2026-2A, Class D, (3-
mo. CME Term SOFR + 3.15%), 6.81%,
04/20/39(a)(b)
 
600
604,662
Carrington Mortgage Loan Trust(b)
 
Series 2006-FRE2, Class A2, (1 mo. Term SOFR +
0.23%), 3.88%, 10/25/36
 
2,345
1,993,661
Series 2006-FRE2, Class A5, (1 mo. Term SOFR +
0.19%), 3.84%, 03/25/35
 
4,831
4,107,031
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo.
CME Term SOFR + 1.02%), 4.70%, 04/20/32(a)(b)
 
744
743,812
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo.
Term SOFR + 0.43%), 4.08%, 10/25/36(b)
 
3,319
2,256,986
CIFC Funding Ltd.(a)(b)
 
Series 2018-1A, Class A1R, (3-mo. CME Term
SOFR + 1.32%), 5.00%, 01/18/38
 
1,160
1,161,543
Series 2018-1A, Class BR, (3-mo. CME Term SOFR
+ 1.70%), 5.38%, 01/18/38
 
1,450
1,455,009
Series 2022-7A, Class ER, (3-mo. CME Term SOFR
+ 5.35%), 9.01%, 01/22/38
 
500
495,634
Citigroup Mortgage Loan Trust, Series 2006-FX1,
Class A7, 7.28%, 10/25/36
 
283
162,373
Compass Datacenters Issuer II LLC, Series 2025-2A,
Class A1, 4.93%, 11/25/50(a)
 
363
355,186
Concord Music Royalties LLC, Series 2024-1A,
Class A, 5.64%, 10/20/74(a)
 
171
171,463
Consolidated Communications LLC/Fidium Fiber
Finance Holdco LLC, Series 2025-4A, Class B,
5.77%, 12/20/55(a)
 
750
748,789
CWABS Asset-Backed Certificates Trust, Series 2006-
26, Class 1A, (1 mo. Term SOFR + 0.39%), 4.04%,
06/25/37(b)
 
386
360,336
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
CWHEQ Revolving Home Equity Loan Trust,
Series 2006-I, Class 1A, (1 mo. Term SOFR +
0.25%), 3.88%, 01/15/37(b)
USD
234
$ 227,249
DB Master Finance LLC, Series 2025-1A, Class A2I,
4.89%, 08/20/55(a)
 
506
500,591
Dryden CLO Ltd., Series 2018-61A, Class DR, (3-mo.
CME Term SOFR + 3.36%), 7.04%, 01/17/32(a)(b)
 
595
595,424
Dryden Senior Loan Fund, Series 2015-37A, Class AR,
(3-mo. CME Term SOFR + 1.36%), 5.03%,
01/15/31(a)(b)
 
15
14,836
FirstKey Homes Trust, Series 2022-SFR1, Class E1,
5.00%, 05/19/39(a)
 
3,800
3,755,504
Firstlight Issuer LLC, Series 2026-1A, Class A2,
06/20/56(a)(c)
 
238
239,013
Fremont Home Loan Trust(b)
 
Series 2006-A, Class 2A3, (1 mo. Term SOFR +
0.43%), 4.08%, 05/25/36
 
3,644
2,384,241
Series 2006-D, Class 2A3, (1 mo. Term SOFR +
0.41%), 4.06%, 11/25/36
 
5,667
1,948,957
GoodLeap Home Improvement Solutions Trust(a)
 
Series 2025-1A, Class B, 6.27%, 02/20/49
 
162
163,135
Series 2025-3A, Class A, 5.00%, 10/20/49
 
106
104,605
GreenSky Home Improvement Issuer Trust,
Series 2024-2, Class C, 5.55%, 10/27/59(a)
 
77
77,428
Home Equity Mortgage Loan Asset-Backed Trust,
Series 2006-E, Class 2A3, (1 mo. Term SOFR +
0.45%), 4.10%, 04/25/37(b)
 
2,786
1,957,982
Long Beach Mortgage Loan Trust, Series 2006-7,
Class 2A3, (1 mo. Term SOFR + 0.43%), 4.08%,
08/25/36(b)
 
4,508
1,782,605
Lyra Music Assets Delaware LP, Series 2025-1A,
Class A2, 5.60%, 09/20/65(a)
 
183
184,148
Madison Park Funding LIX Ltd., Series 2021-59A,
Class A1R, (3-mo. CME Term SOFR + 1.50%),
5.18%, 04/18/37(a)(b)
 
1,450
1,453,502
Madison Park Funding XXX Ltd., Series 2018-30A,
Class BR, (3-mo. CME Term SOFR + 1.75%),
5.43%, 07/16/37(a)(b)
 
300
300,090
Madison Park Funding XXXVII Ltd., Series 2019-37A,
Class BR2, (3-mo. CME Term SOFR + 1.95%),
5.62%, 04/15/37(a)(b)
 
875
876,150
Mariner Finance Issuance Trust, Series 2024-AA,
Class E, 9.02%, 09/22/36(a)
 
470
478,593
Mastr Asset Backed Securities Trust, Series 2006-HE2,
Class A3, (1 mo. Term SOFR + 0.41%), 4.06%,
06/25/36(b)
 
6,395
2,040,760
Mtp Abs Funding LLC, Series 2026-1A, Class B,
5.88%, 04/25/56(a)
 
325
325,539
Navient Education Loan Trust, Series 2025-A, Class B,
5.32%, 07/15/55(a)
 
571
572,047
Navient Student Loan Trust, Series 2019-BA,
Class A2A, 3.39%, 12/15/59(a)
 
87
86,240
Nelnet Student Loan Trust, Series 2025-BA, Class D,
6.04%, 05/17/55(a)
 
192
187,522
Neuberger Berman Loan Advisers CLO Ltd.,
Series 2021-46A, Class BR, (3-mo. CME Term
SOFR + 1.50%), 5.18%, 01/20/37(a)(b)
 
250
249,825
OCP CLO Ltd.(a)(b)
 
Series 2017-13A, Class AR2, (3-mo. CME Term
SOFR + 1.34%), 5.01%, 11/26/37
 
590
591,000
112
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
OCP CLO Ltd.(a)(b) (continued)
 
Series 2024-38A, Class A, (3-mo. CME Term SOFR
+ 1.33%), 5.00%, 01/21/38
USD
1,000
$ 1,001,505
Octagon Ltd., Series 2021-1A, Class A1R, (3-mo. CME
Term SOFR + 1.26%), 4.94%, 03/20/38(a)(b)
 
1,000
1,001,631
Palmer Square CLO Ltd., Series 2024-4A, Class B,
(3-mo. CME Term SOFR + 1.65%), 5.32%,
01/15/38(a)(b)
 
810
812,896
Park Blue CLO Ltd.(a)(b)
 
Series 2023-15A, Class AR, (3-mo. CME Term
SOFR + 1.22%), 4.90%, 10/20/38
 
1,000
1,000,589
Series 2025-9A, Class C, (3-mo. CME Term SOFR
+ 2.00%), 5.68%, 10/20/38
 
500
501,730
Perimeter Master Note Business Trust, Series 2026-
1A, Class A, 6.01%, 01/15/32(a)
 
535
534,934
Pikes Peak CLO, Series 2020-6A, Class DRR, (3-mo.
CME Term SOFR + 2.50%), 6.15%, 05/18/34(a)(b)
 
250
248,674
Planet Fitness Master Issuer LLC, Series 2025-1A,
Class A2II, 5.65%, 12/06/55(a)
 
227
225,818
QTS Issuer ABS II LLC(a)
 
Series 2026-1A, Class A2, 5.36%, 01/05/56
 
148
146,170
Series 2026-1A, Class B, 6.73%, 01/05/56
 
229
229,226
Series 2026-5A, Class A2, 6.18%, 03/06/56
 
133
134,434
Series 2026-6A, Class A21, 07/05/56(c)
 
157
156,998
Series 2026-6A, Class A22, 07/05/56(c)
 
103
102,998
Series 2026-6A, Class A23, 07/05/56(c)
 
173
172,999
Regatta 30 Funding Ltd., Series 2024-4A, Class B,
(3-mo. CME Term SOFR + 1.65%), 5.32%,
01/25/38(a)(b)
 
1,700
1,704,600
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR,
(3-mo. CME Term SOFR + 1.55%), 5.22%,
04/15/38(a)(b)
 
850
849,886
Regional Management Issuance Trust, Series 2021-3,
Class A, 3.88%, 10/17/33(a)(d)
 
1,110
1,098,900
Renaissance Home Equity Loan Trust, Series 2007-3,
Class AF2, 7.00%, 09/25/37
 
3,388
1,259,240
Republic Finance Issuance Trust, Series 2025-A,
Class A, 4.59%, 11/20/34(a)
 
1,015
1,005,600
Rockford Tower CLO Ltd., Series 2021-3A, Class A1R,
(3-mo. CME Term SOFR + 1.40%), 5.07%,
01/15/38(a)(b)
 
1,914
1,917,429
RR Ltd., Series 2022-24A, Class A2R2, (3-mo. CME
Term SOFR + 1.70%), 5.37%, 01/15/37(a)(b)
 
1,000
1,002,769
Sagard-Halseypoint CLO Ltd., Series 2025-10A,
Class A1, (3-mo. CME Term SOFR + 1.35%),
5.03%, 10/20/38(a)(b)
 
1,000
1,002,007
Scooter S Coffee Issuer LLC, Series 2026-1A,
Class A2, 6.38%, 05/20/56(a)
 
368
369,207
Service Experts Issuer LLC, Series 2024-1A, Class A,
6.39%, 11/20/35(a)
 
138
139,732
SMB Private Education Loan Trust, Series 2021-A,
Class B, 2.31%, 01/15/53(a)
 
51
49,195
Sofi Consumer Loan Program Trust(a)
 
Series 2026-B, Class A, 4.40%, 02/25/36
 
133
132,941
Series 2026-B, Class B, 4.90%, 02/25/36
 
166
165,249
Series 2026-B, Class C, 5.20%, 02/25/36
 
166
165,740
Series 2026-B, Class D, 5.56%, 02/25/36
 
166
164,783
SoFi Personal Loan Trust(a)
 
Series 2023-1A, Class A, 6.00%, 11/12/30
 
51
50,903
Series 2024-1, Class R1, 0.00%, 02/12/31
 
10
219,287
Series 2024-1A, Class A, 6.06%, 02/12/31
 
71
70,509
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Subway Funding LLC, Series 2024-1A, Class A2I,
6.03%, 07/30/54(a)
USD
291
$ 291,756
Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3-
mo. CME Term SOFR + 3.15%), 6.82%,
07/25/37(a)(b)
 
250
250,817
U.S. Bank NA, Series 2026-RVM1, Class B1, 4.96%,
12/25/46(a)
 
816
805,581
Upgrade Master Pass-Thru Trust(a)
 
Series 2025-ST4, Class A, 5.50%, 08/16/32
 
121
120,761
Series 2025-ST7, Class A, 4.55%, 11/15/32
 
208
208,053
Series 2025-ST7, Class B, 4.98%, 11/15/32
 
185
184,557
Series 2025-ST8, Class D, 5.91%, 12/15/33
 
150
149,007
UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%,
01/25/47(a)
 
228
225,953
VB-S1 Issuer LLC, Series 2026-1A, Class F, 6.84%,
03/15/56(a)
 
977
982,255
Vista Point Securitization Trust, Series 2024-CES1,
Class A2, 6.84%, 05/25/54(a)
 
735
740,847
WaMu Asset-Backed Certificates WaMu Trust,
Series 2007-HE3, Class 2A3, (1 mo. Term SOFR +
0.35%), 4.00%, 05/25/37(b)
 
4,714
4,260,171
Warwick Capital CLO Ltd., Series 2024-5A, Class A1,
(3-mo. CME Term SOFR + 1.36%), 5.04%,
01/20/38(a)(b)
 
250
250,437
Whetstone Park CLO Ltd., Series 2021-1A, Class B1,
(3-mo. CME Term SOFR + 1.86%), 5.54%,
01/20/35(a)(b)
 
275
275,474
Wireless PropCo Funding LLC, Series 2025-1A,
Class B, 4.30%, 06/25/55(a)
 
725
682,483
Total Asset-Backed Securities — 9.7%
(Cost: $80,646,180)
73,837,124
 
 
 
 
Shares
 
Common Stocks
Capital Markets — 0.0%
Wom New Holdco(d)(e)
 
485
7,275
Financial Services — 0.0%
Labels Buyer LLC(e)
 
156
14,326
Health Care Providers & Services — 0.0%
Quorum Restructuring Equity(d)(e)
 
3,969
—
Machinery — 0.0%
United Site Services, Inc.(d)(e)
 
5,689
56,890
Real Estate Management & Development — 0.0%
ADLER Group SA(d)(e)
 
33,367
—
Total Common Stocks — 0.0%
(Cost: $67,844)
78,491
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 1.5%
Clear Channel Outdoor Holdings, Inc.(a)
 
7.75%, 04/15/28
USD
156
156,251
7.88%, 04/01/30(f)
 
1,088
1,133,345
Schedule of Investments
113
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Advertising Agencies (continued)
Clear Channel Outdoor Holdings, Inc.(a) (continued)
 
7.13%, 02/15/31
USD
1,130
$ 1,170,109
7.50%, 03/15/33(f)
 
2,571
2,707,057
Lamar Media Corp.
 
3.75%, 02/15/28
 
466
457,252
4.88%, 01/15/29
 
579
574,307
4.00%, 02/15/30
 
53
50,662
Neptune Bidco U.S., Inc.(a)
 
10.38%, 05/15/31
 
1,029
1,066,471
9.50%, 02/15/33(f)
 
2,766
2,796,584
Outfront Media Capital LLC/Outfront Media Capital
Corp.(a)
 
4.25%, 01/15/29
 
326
317,431
7.38%, 02/15/31
 
367
381,649
Stagwell Global LLC, 5.63%, 08/15/29(a)
 
629
606,683
 
 
11,417,801
Aerospace & Defense — 2.0%
ATI, Inc.
 
4.88%, 10/01/29
 
707
699,251
7.25%, 08/15/30
 
544
564,821
5.13%, 10/01/31
 
350
346,429
Bombardier, Inc.(a)
 
8.75%, 11/15/30
 
529
559,182
7.25%, 07/01/31
 
100
104,632
7.00%, 06/01/32
 
192
198,896
6.75%, 06/15/33
 
859
889,178
Lockheed Martin Corp., 5.70%, 11/15/54(f)
 
451
453,437
Moog, Inc., 5.50%, 10/15/34(a)
 
685
674,569
Northrop Grumman Corp., 4.75%, 06/01/43(f)
 
680
619,712
RTX Corp., 4.35%, 04/15/47(f)
 
700
584,587
TransDigm, Inc.
 
6.75%, 08/15/28(a)(f)
 
2,958
2,987,459
4.63%, 01/15/29
 
249
245,036
4.88%, 05/01/29
 
37
36,457
6.88%, 12/15/30(a)
 
1,096
1,126,359
7.13%, 12/01/31(a)
 
585
605,745
6.63%, 03/01/32(a)
 
1,591
1,631,763
6.38%, 05/31/33(a)(f)
 
2,236
2,257,260
6.75%, 01/31/34(a)
 
191
195,910
6.13%, 07/31/34(a)
 
247
246,682
 
 
15,027,365
Automobile Components — 2.1%
Adient Global Holdings Ltd.(a)
 
7.00%, 04/15/28
 
859
872,944
7.50%, 02/15/33
 
324
334,229
American Axle & Manufacturing, Inc.(a)
 
6.38%, 10/15/32
 
102
101,641
7.75%, 10/15/33(f)
 
1,557
1,538,109
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49
 
280
249,461
Clarios Global LP/Clarios U.S. Finance Co.(a)
 
6.75%, 05/15/28
 
395
400,783
6.75%, 02/15/30
 
488
502,850
6.75%, 09/15/32
 
352
359,492
Cooper-Standard Automotive, Inc., 9.25%, 03/01/31(a)
 
1,563
1,575,270
Cyprium Corp./Cyprium Holdings Luxembourg SARL(a)
 
6.13%, 04/15/31
 
934
933,959
6.38%, 04/15/34
 
340
339,320
Forvia SE, 6.75%, 09/15/33(a)
 
832
831,612
Goodyear Tire & Rubber Co.
 
5.25%, 04/30/31
 
755
681,313
5.25%, 07/15/31
 
1,492
1,327,989
Security
 
Par
(000)
Value
Automobile Components (continued)
Goodyear Tire & Rubber Co. (continued)
 
5.63%, 04/30/33
USD
727
$ 633,383
Qnity Electronics, Inc.(a)
 
5.75%, 08/15/32
 
97
97,517
6.25%, 08/15/33
 
485
493,456
Tenneco, Inc., 8.00%, 11/17/28(a)
 
1,414
1,422,843
ZF North America Capital, Inc.(a)
 
6.75%, 04/23/30(f)
 
1,958
1,941,603
7.50%, 03/24/31
 
871
876,874
6.88%, 04/23/32
 
272
267,595
 
 
15,782,243
Automobiles — 2.4%
Allison Transmission, Inc.(a)
 
4.75%, 10/01/27
 
204
203,491
5.88%, 06/01/29
 
109
109,833
3.75%, 01/30/31
 
304
284,298
Asbury Automotive Group, Inc.
 
4.50%, 03/01/28
 
122
120,769
4.63%, 11/15/29(a)
 
416
405,075
4.75%, 03/01/30
 
155
150,696
5.00%, 02/15/32(a)
 
408
390,244
Carvana Co.(a)(g)
 
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30
 
545
563,714
(9.00% PIK), 9.00%, 06/01/31
 
2,521
2,781,703
General Motors Co., 6.25%, 10/02/43(f)
 
1,300
1,307,170
Group 1 Automotive, Inc., 4.00%, 08/15/28(a)
 
702
683,525
Jaguar Land Rover Automotive PLC, 4.50%,
10/01/27(a)
 
1,004
995,100
LCM Investments Holdings II LLC(a)
 
4.88%, 05/01/29
 
435
423,527
8.25%, 08/01/31
 
987
1,028,388
Lithia Motors, Inc.(a)
 
4.63%, 12/15/27
 
524
521,502
3.88%, 06/01/29
 
293
280,647
5.50%, 10/01/30
 
460
454,322
Nissan Motor Acceptance Co. LLC, 6.13%,
09/30/30(a)(f)
 
1,802
1,771,403
Nissan Motor Co. Ltd.(a)
 
7.50%, 07/17/30(f)
 
2,800
2,885,888
7.75%, 07/17/32
 
929
962,867
8.13%, 07/17/35
 
1,289
1,365,013
Sonic Automotive, Inc., 4.63%, 11/15/29(a)
 
230
225,115
 
 
17,914,290
Banks — 0.0%
Banco Nacional de Mexico SA, (5-year CMT + 2.68%),
6.70%, 08/07/36(a)(b)
 
227
224,049
Beverages — 0.1%
Primo Water Holdings, Inc./Triton Water Holdings, Inc.,
4.38%, 04/30/29(a)
 
408
398,258
Biotechnology — 0.2%
Amgen, Inc., 4.95%, 10/01/41
 
250
232,897
Genmab AS/Genmab Finance LLC(a)
 
6.25%, 12/15/32
 
219
223,177
7.25%, 12/15/33
 
1,203
1,254,246
 
 
1,710,320
Building Materials(a) — 1.5%
Builders FirstSource, Inc.
 
5.00%, 03/01/30
 
893
875,409
6.38%, 03/01/34(f)
 
1,034
1,045,276
6.75%, 05/15/35
 
388
395,594
114
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Materials (continued)
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
 
6.63%, 12/15/30(f)
USD
1,376
$ 1,406,732
6.75%, 07/15/31
 
215
222,535
Quikrete Holdings, Inc.
 
6.38%, 03/01/32
 
1,844
1,883,050
6.75%, 03/01/33
 
1,331
1,356,792
Smyrna Ready Mix Concrete LLC
 
6.00%, 11/01/28
 
292
292,601
8.88%, 11/15/31
 
700
738,119
Standard Building Solutions, Inc.
 
6.50%, 08/15/32
 
776
780,690
6.25%, 08/01/33(f)
 
1,509
1,498,502
Standard Industries, Inc.
 
4.75%, 01/15/28
 
527
523,271
4.38%, 07/15/30
 
661
627,785
 
 
11,646,356
Building Products(a) — 0.3%
QXO Building Products, Inc.
 
6.50%, 07/15/31
 
608
619,656
6.75%, 04/30/32
 
1,259
1,300,017
 
 
1,919,673
Capital Markets — 1.5%
Apollo Debt Solutions BDC
 
5.88%, 08/30/30
 
220
217,691
6.70%, 07/29/31
 
110
112,129
6.55%, 03/15/32
 
180
181,542
Ares Strategic Income Fund, 5.80%, 09/09/30
 
300
295,541
Blue Owl Capital Corp., 6.20%, 07/15/30
 
348
346,760
Focus Financial Partners LLC, 6.75%, 09/15/31(a)
 
860
865,347
FS KKR Capital Corp.
 
2.63%, 01/15/27
 
203
199,254
7.88%, 01/15/29
 
246
252,611
6.88%, 08/15/29
 
932
933,798
6.13%, 01/15/30
 
877
854,640
6.13%, 01/15/31(f)
 
574
551,826
Gaci First Investment Co., 5.25%, 05/14/33(h)
 
666
664,668
Jane Street Group/JSG Finance, Inc.(a)
 
4.50%, 11/15/29
 
668
651,092
7.13%, 04/30/31(f)
 
2,334
2,413,253
MDGH GMTN RSC Ltd., 4.38%, 11/22/33(a)
 
200
191,218
Osaic Holdings, Inc., 6.75%, 08/01/32(a)
 
1,210
1,212,069
Raymond James Financial, Inc., 4.95%, 07/15/46(f)
 
400
357,316
Stonex Escrow Issuer LLC, 6.88%, 07/15/32(a)
 
720
740,428
StoneX Group, Inc., 7.88%, 03/01/31(a)
 
291
305,543
Turkiye Varlik Fonu Yonetimi AS, 8.25%, 02/14/29(h)
 
200
208,664
WOM Chile Holdco SpA, (5.00% PIK), 5.00%,
04/01/32(a)(g)(i)
 
162
143,605
 
 
11,698,995
Chemicals — 3.0%
Advancion Sciences, Inc., (9.25% Cash or 10.00%
PIK), 9.25%, 11/01/26(a)(g)
 
445
354,816
Axalta Coating Systems Dutch Holding B BV, 7.25%,
02/15/31(a)
 
517
537,043
Axalta Coating Systems LLC/Axalta Coating Systems
Dutch Holding B BV, 4.75%, 06/15/27(a)
 
378
376,881
Celanese U.S. Holdings LLC
 
7.35%, 11/15/28(f)
 
3,484
3,628,412
7.00%, 02/15/31
 
338
347,888
7.38%, 07/15/32(f)
 
573
602,662
7.38%, 02/15/34
 
349
360,564
Security
 
Par
(000)
Value
Chemicals (continued)
Chemours Co.(a)
 
5.75%, 11/15/28
USD
1,164
$ 1,163,059
7.88%, 03/15/34
 
667
670,252
Equate Petrochemical Co. KSCC, 4.25%, 11/03/26(h)
 
200
199,148
FMC Corp., 6.38%, 05/18/53
 
2,043
1,606,073
Huntsman International LLC
 
4.50%, 05/01/29
 
352
343,771
2.95%, 06/15/31
 
999
897,938
INEOS Finance PLC, 7.50%, 04/15/29(a)
 
1,801
1,750,996
Methanex Corp., 5.13%, 10/15/27
 
1,393
1,391,617
NOVA Chemicals Corp.(a)
 
5.25%, 06/01/27
 
924
924,717
7.00%, 12/01/31
 
515
541,163
OCP SA
 
5.13%, 06/23/51(h)
 
200
161,250
7.50%, 05/02/54(a)
 
400
433,580
Olin Corp.
 
5.63%, 08/01/29
 
184
182,645
5.00%, 02/01/30
 
702
680,536
6.63%, 04/01/33(a)
 
14
13,824
Olympus Water U.S. Holding Corp.(a)
 
7.25%, 06/15/31
 
905
916,381
6.75%, 08/01/32
 
1,093
1,067,947
7.25%, 02/15/33(f)
 
1,328
1,313,349
Orbia Advance Corp. SAB de CV, 6.75%, 09/19/42(a)
 
209
184,547
Sasol Financing USA LLC, 8.75%, 04/10/33(a)
 
223
230,944
Sherwin-Williams Co., 3.80%, 08/15/49
 
310
233,734
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(a)
 
717
703,032
WR Grace Holdings LLC(a)
 
7.38%, 03/01/31
 
40
40,166
6.63%, 08/15/32
 
210
203,674
7.00%, 08/01/33
 
1,117
1,087,687
 
 
23,150,296
Commercial Services & Supplies — 4.3%
ADT Security Corp.(a)
 
4.13%, 08/01/29
 
526
504,323
5.88%, 10/15/33(f)
 
900
884,131
Albion Financing 1 SARL/Aggreko Holdings, Inc.,
7.00%, 05/21/30(a)
 
200
207,085
Allied Universal Holdco LLC/Allied Universal Finance
Corp.(a)(f)
 
6.00%, 06/01/29
 
1,105
1,100,134
6.88%, 06/15/30
 
1,708
1,755,136
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(a)
 
1,347
1,323,724
Avis Budget Car Rental LLC/Avis Budget Finance,
Inc.(a)
 
8.00%, 02/15/31
 
1,288
1,300,674
8.38%, 06/15/32
 
801
806,298
BCP V Modular Services Finance II PLC, 4.75%,
11/30/28(h)
EUR
134
144,705
Belron U.K. Finance PLC, 5.75%, 10/15/29(a)
USD
799
802,697
Bidvest Group UK PLC, 6.20%, 09/17/32(a)
 
200
201,000
Brink’s Co.(a)
 
6.50%, 06/15/29(f)
 
964
983,295
6.75%, 06/15/32
 
67
68,466
Clarivate Science Holdings Corp., 3.88%, 07/01/28(a)
 
633
608,749
Deluxe Corp., 8.13%, 09/15/29(a)
 
286
296,084
EquipmentShare.com, Inc.(a)
 
9.00%, 05/15/28
 
564
575,344
8.63%, 05/15/32
 
1,205
1,253,483
8.00%, 03/15/33
 
144
147,418
Schedule of Investments
115
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
EquipmentShare.com, Inc.(a) (continued)
 
07/01/34(c)
USD
547
$ 537,449
FTAI Aviation Investors LLC(a)
 
5.50%, 05/01/28
 
552
550,674
7.88%, 12/01/30
 
1,159
1,210,987
7.00%, 05/01/31(f)
 
2,015
2,087,032
Garda World Security Corp.(a)
 
7.75%, 02/15/28
 
474
482,360
8.25%, 08/01/32
 
380
388,864
8.38%, 11/15/32(f)
 
1,993
2,038,947
GEO Group, Inc., 8.63%, 04/15/29
 
950
989,685
Herc Holdings, Inc.(a)
 
7.00%, 06/15/30(f)
 
1,893
1,960,329
7.25%, 06/15/33
 
674
702,683
Prime Security Services Borrower LLC/Prime Finance,
Inc., 3.38%, 08/31/27(a)
 
634
621,068
Service Corp. International
 
4.63%, 12/15/27
 
640
636,712
5.13%, 06/01/29
 
530
525,809
3.38%, 08/15/30
 
154
142,853
5.75%, 10/15/32
 
379
380,525
United Rentals North America, Inc.
 
4.88%, 01/15/28(f)
 
3,200
3,189,485
4.00%, 07/15/30
 
452
432,081
6.13%, 03/15/34(a)
 
111
113,795
Wand NewCo 3, Inc., 7.63%, 01/30/32(a)
 
1,145
1,184,309
Williams Scotsman, Inc.(a)
 
6.63%, 06/15/29
 
147
150,078
6.63%, 04/15/30
 
999
1,029,167
 
 
32,317,638
Construction & Engineering — 0.1%
Arcosa, Inc., 4.38%, 04/15/29(a)
 
114
112,129
IHS Holding Ltd., 6.25%, 11/29/28(a)
 
200
199,188
TAV Havalimanlari Holding A/S, 8.50%, 12/07/28(h)
 
400
412,125
 
 
723,442
Consumer Finance — 1.0%
Block, Inc.
 
5.63%, 08/15/30(a)
 
982
984,456
6.50%, 05/15/32(f)
 
1,042
1,063,794
6.00%, 08/15/33(a)
 
598
602,129
ION Platform Finance U.S., Inc., 7.88%, 09/30/32(a)(f)
 
4,030
2,919,917
Kaspi.KZ JSC, 5.90%, 04/28/31(a)
 
402
401,557
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc., 6.75%, 08/15/32(a)(f)
 
556
557,063
Synchrony Financial, 7.25%, 02/02/33
 
735
766,173
 
 
7,295,089
Consumer Staples Distribution & Retail — 1.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(a)
 
6.50%, 02/15/28
 
779
785,335
3.50%, 03/15/29
 
628
596,593
4.88%, 02/15/30(f)
 
1,571
1,520,026
5.50%, 03/31/31
 
66
64,488
5.63%, 03/31/32(f)
 
683
660,329
5.75%, 03/31/34
 
384
365,701
Cencosud SA(a)
 
5.95%, 05/28/31
 
213
220,178
5.75%, 04/15/36
 
200
200,150
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc.(a)
 
9.00%, 02/15/29
 
464
485,739
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail (continued)
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc.(a) (continued)
 
7.13%, 04/30/33
USD
100
$ 101,865
Performance Food Group, Inc.(a)
 
4.25%, 08/01/29
 
928
900,778
6.13%, 09/15/32
 
286
289,498
Pilgrim’s Pride Corp.
 
3.50%, 03/01/32
 
120
109,395
6.25%, 07/01/33
 
453
472,956
6.88%, 05/15/34
 
393
424,630
U.S. Foods, Inc.(a)
 
6.88%, 09/15/28
 
186
190,058
4.75%, 02/15/29(f)
 
1,567
1,546,692
 
 
8,934,411
Containers & Packaging — 2.6%
Ardagh Group SA(a)
 
9.50%, 12/01/30
 
392
419,006
(5.00% Cash + 6.00% PIK), 11.00%, 12/01/30(g)
 
1,457
1,391,722
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 4.00%, 09/01/29(a)(f)
 
1,360
1,292,772
Ball Corp.
 
6.00%, 06/15/29
 
869
882,989
2.88%, 08/15/30
 
486
443,470
5.50%, 09/15/33
 
234
235,447
Clydesdale Acquisition Holdings, Inc.(a)
 
6.63%, 04/15/29
 
375
374,530
8.75%, 04/15/30(f)
 
2,970
2,929,632
Crown Americas LLC, 5.25%, 04/01/30
 
368
369,002
Graphic Packaging International LLC(a)
 
3.50%, 03/15/28
 
632
613,034
3.75%, 02/01/30
 
28
26,315
LD Celulose International GmbH, 7.95%, 01/26/32(a)
 
200
209,020
Magnera Corp.(a)
 
4.75%, 11/15/29
 
135
126,023
7.25%, 11/15/31(f)
 
1,527
1,490,734
Mauser Packaging Solutions Holding Co., 9.25%,
04/15/30(a)(f)
 
3,760
3,699,096
Multi-Color Corp., (7.50% Cash or 1.00% PIK), 8.50%,
05/11/33(a)(g)
 
775
679,886
OI European Group BV, 4.75%, 02/15/30(a)
 
336
319,168
Owens-Brockway Glass Container, Inc.(a)
 
7.25%, 05/15/31
 
262
258,919
9.50%, 06/01/33
 
1,090
1,116,563
Sword Purchaser LLC, 10.50%, 04/15/34(a)(f)
 
1,902
1,989,878
Trivium Packaging Finance BV(a)
 
8.25%, 07/15/30
 
180
190,191
12.25%, 01/15/31
 
400
442,135
 
 
19,499,532
Distributors(a) — 0.1%
American Builders & Contractors Supply Co., Inc.
 
4.00%, 01/15/28
 
178
174,932
3.88%, 11/15/29
 
270
257,329
RB Global Holdings, Inc.
 
6.75%, 03/15/28
 
387
392,178
7.75%, 03/15/31
 
237
245,716
 
 
1,070,155
Diversified REITs — 1.0%
American Tower Corp., 2.30%, 09/15/31(f)
 
1,000
882,271
Digital Realty Trust LP, 1.88%, 11/15/29(a)(i)
 
109
116,794
Iron Mountain, Inc.(a)
 
4.88%, 09/15/27
 
124
123,778
116
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified REITs (continued)
Iron Mountain, Inc.(a) (continued)
 
5.25%, 03/15/28(f)
USD
3,100
$ 3,095,929
4.88%, 09/15/29
 
156
153,080
5.25%, 07/15/30
 
1,360
1,339,677
Millrose Properties, Inc.(a)
 
6.38%, 08/01/30
 
628
636,509
6.25%, 09/15/32
 
628
633,465
SBA Communications Corp., 3.13%, 02/01/29(f)
 
649
620,982
 
 
7,602,485
Diversified Telecommunication Services — 4.5%
APLD ComputeCo 2 LLC, 6.75%, 03/15/31(a)
 
1,279
1,283,595
APLD ComputeCo 3 LLC, 7.00%, 06/15/31(a)
 
387
386,207
APLD ComputeCo LLC, 9.25%, 12/15/30(a)
 
1,362
1,469,304
AT&T, Inc., 4.35%, 06/15/45(f)
 
1,800
1,445,698
Black Pearl Compute LLC, 6.13%, 02/15/31(a)(f)
 
894
905,457
Cipher Compute LLC, 7.13%, 11/15/30(a)(f)
 
591
614,358
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(a)(f)
 
764
803,914
Core Scientific Finance I LLC, 7.75%, 05/15/31(a)
 
1,196
1,212,811
Corning, Inc., 4.38%, 11/15/57(f)
 
915
732,606
EchoStar Corp.(f)
 
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(g)
 
2,955
3,003,959
10.75%, 11/30/29
 
1,279
1,382,345
ELK Grove Village Property LLC, 7.50%, 06/15/31(a)
 
946
952,392
Fibercop SpA(a)
 
6.00%, 09/30/34
 
793
765,810
7.20%, 07/18/36(f)
 
558
572,201
Level 3 Financing, Inc.(a)
 
6.88%, 06/30/33(f)
 
2,094
2,151,547
7.00%, 03/31/34
 
200
206,228
8.50%, 01/15/36(f)
 
1,373
1,474,519
7.50%, 02/15/37
 
826
847,789
Liquid Telecommunications Financing PLC, 10.75%,
04/14/31(a)
 
200
206,646
Meridian Arc Holdco LLC, 6.25%, 04/30/31(a)(f)
 
2,040
2,044,570
PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(a)
 
358
357,483
Sable International Finance Ltd., 7.13%, 10/15/32(a)
 
600
595,512
SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(a)(f)
 
2,312
2,278,669
Telecommunications Co. Telekom Srbija AD Belgrade,
7.25%, 05/18/31(a)
 
489
487,778
Turk Telekomunikasyon A/S, 6.95%, 10/07/32(a)
 
200
198,684
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 4.75%, 04/15/28(a)
 
487
485,434
Uniti Services LLC, 7.50%, 10/15/33(a)
 
335
352,546
Verizon Communications, Inc.(f)
 
5.75%, 11/30/45
 
1,590
1,545,514
3.00%, 11/20/60
 
1,250
714,157
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/31(a)(f)
 
3,337
3,519,050
WULF Compute LLC, 7.75%, 10/15/30(a)(f)
 
912
957,917
Zayo Group Holdings, Inc., (5.75% Cash and 0.50%
PIK), 9.25%, 03/09/30(a)(f)(g)
 
430
428,712
 
 
34,383,412
Electric Utilities — 2.5%
AES Andes SA, 6.30%, 03/15/29(a)
 
200
204,176
AES Panama Generation Holdings SRL, 4.38%,
05/31/30(h)
 
206
195,130
Alpha Generation LLC(a)
 
6.75%, 10/15/32(f)
 
607
618,171
6.25%, 01/15/34
 
237
233,204
Security
 
Par
(000)
Value
Electric Utilities (continued)
California Buyer Ltd./Atlantica Sustainable
Infrastructure PLC, 6.38%, 02/15/32(a)
USD
430
$ 431,062
Duke Energy Corp., 4.80%, 12/15/45(f)
 
1,500
1,312,368
FirstEnergy Corp., Series C, 3.40%, 03/01/50(f)
 
3,410
2,321,213
Instituto Costarricense de Electricidad, 6.38%,
05/15/43(a)
 
200
199,298
Minejesa Capital BV, 5.63%, 08/10/37(a)
 
200
190,500
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(h)
 
119
117,362
MVM Energetika Zrt, 7.50%, 06/09/28(h)
 
200
208,288
Pacific Gas and Electric Co.(f)
 
4.95%, 07/01/50
 
910
759,761
6.75%, 01/15/53
 
1,050
1,102,427
PG&E Corp.
 
5.00%, 07/01/28
 
453
450,504
5.25%, 07/01/30(f)
 
1,802
1,774,504
Renew Treasury Ifsc Pvt Ltd., 6.50%, 02/02/31(a)
 
200
198,282
Talen Energy Supply LLC, 6.25%, 02/01/34(a)
 
669
664,934
Virginia Electric and Power Co., 6.35%, 11/30/37(f)
 
750
809,588
Vistra Operations Co. LLC(a)
 
5.00%, 07/31/27
 
1,016
1,015,284
7.75%, 10/15/31
 
480
502,214
6.88%, 04/15/32
 
591
612,095
5.35%, 01/31/36(f)
 
2,000
1,959,998
VoltaGrid LLC, 7.38%, 11/01/30(a)(f)
 
1,274
1,322,630
XPLR Infrastructure Operating Partners LP(a)(f)
 
8.38%, 01/15/31
 
1,128
1,203,012
8.63%, 03/15/33
 
876
939,390
 
 
19,345,395
Electronic Equipment, Instruments & Components(a) — 0.8%
Energizer Holdings, Inc., 6.00%, 09/15/33
 
1,006
967,929
Ingram Micro, Inc., 4.75%, 05/15/29
 
950
933,003
Sensata Technologies, Inc., 4.38%, 02/15/30
 
1,069
1,039,734
WESCO Distribution, Inc.
 
6.38%, 03/15/29
 
461
469,224
5.25%, 04/15/31
 
725
717,560
6.63%, 03/15/32
 
1,183
1,219,035
6.38%, 03/15/33
 
353
362,177
 
 
5,708,662
Energy Equipment & Services(a) — 0.4%
Archrock Partners LP/Archrock Partners Finance
Corp., 6.63%, 09/01/32
 
285
290,668
Kodiak Gas Services LLC
 
5.88%, 04/01/31
 
449
450,151
6.50%, 10/01/33
 
447
453,103
Oceanica Lux, 11.25%, 05/08/31
 
432
436,445
USA Compression Partners LP/USA Compression
Finance Corp., 7.13%, 03/15/29
 
348
356,470
WBI Operating LLC
 
6.25%, 10/15/30
 
988
993,493
6.50%, 10/15/33
 
251
252,574
 
 
3,232,904
Entertainment(a) — 1.2%
Brightstar Lottery PLC/Brightstar Global Solutions
Corp., 5.75%, 01/15/33
 
372
364,645
Churchill Downs, Inc.
 
4.75%, 01/15/28
 
374
370,362
5.75%, 04/01/30
 
1,003
1,002,051
6.75%, 05/01/31
 
676
687,825
Cinemark USA, Inc., 7.00%, 08/01/32
 
343
353,858
Live Nation Entertainment, Inc.
 
6.50%, 05/15/27
 
255
254,969
Schedule of Investments
117
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Entertainment (continued)
Live Nation Entertainment, Inc. (continued)
 
4.75%, 10/15/27(f)
USD
218
$ 217,522
Penn Entertainment, Inc., 6.75%, 04/01/31
 
1,044
1,049,433
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30
 
1,873
1,600,796
Six Flags Entertainment Corp/Canada’s Wonderland
Co/Millennium Operations LLC, 8.63%, 01/15/32(f)
 
2,882
2,967,527
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30
 
23
21,936
Vail Resorts, Inc., 5.63%, 07/15/30
 
399
398,502
 
 
9,289,426
Environmental, Maintenance & Security Service(a) — 0.5%
Clean Harbors, Inc., 6.38%, 02/01/31
 
234
237,305
GFL Environmental, Inc.
 
4.00%, 08/01/28
 
443
432,527
4.75%, 06/15/29
 
202
198,787
4.38%, 08/15/29
 
519
504,496
6.75%, 01/15/31
 
617
634,756
Madison IAQ LLC, 4.13%, 06/30/28
 
220
216,428
Reworld Holding Corp., 4.88%, 12/01/29
 
468
446,365
Waste Pro USA, Inc., 7.00%, 02/01/33(f)
 
243
248,660
Wrangler Holdco Corp., 6.63%, 04/01/32
 
580
594,537
 
 
3,513,861
Financial Services — 5.1%
Ally Financial, Inc.
 
6.70%, 02/14/33
 
62
63,819
(5-year CMT + 2.45%), 6.65%, 01/17/40(b)(f)
 
685
677,602
Azorra Finance Ltd.(a)
 
7.75%, 04/15/30
 
760
789,194
6.25%, 02/15/34
 
574
556,579
Citigroup, Inc., (1-day SOFR + 1.49%), 5.17%,
09/11/36(b)(f)
 
2,000
1,988,855
Credit Acceptance Corp., 9.25%, 12/15/28(a)
 
874
910,164
CrossCountry Intermediate HoldCo LLC(a)
 
6.50%, 10/01/30
 
620
611,092
6.75%, 12/01/32
 
948
915,269
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%,
01/18/29(b)(f)
 
815
839,484
Freedom Mortgage Holdings LLC(a)
 
6.88%, 05/01/31
 
937
909,323
9.13%, 05/15/31(f)
 
1,028
1,062,849
8.38%, 04/01/32
 
136
138,338
7.88%, 04/01/33
 
1,659
1,617,890
GGAM Finance Ltd.(a)
 
8.00%, 06/15/28
 
441
456,286
6.88%, 04/15/29
 
341
348,435
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(a)
 
469
476,532
Goldman Sachs Group, Inc., (1-day SOFR + 1.19%),
5.07%, 01/21/37(b)(f)
 
2,000
1,952,702
Jefferies Finance LLC/JFIN Co-Issuer Corp.(a)
 
5.00%, 08/15/28
 
357
344,707
6.63%, 10/15/31
 
467
459,701
JPMorgan Chase & Co.(b)(f)
 
(1-day SOFR + 1.13%), 5.00%, 07/22/30
 
3,000
3,020,313
(3-mo. CME Term SOFR + 1.21%), 3.51%,
01/23/29
 
2,250
2,212,760
Morgan Stanley, (1-day SOFR + 1.26%), 5.66%,
04/18/30(b)(f)
 
3,000
3,064,529
PennyMac Financial Services, Inc.(a)
 
4.25%, 02/15/29
 
133
126,982
7.88%, 12/15/29(f)
 
717
745,622
7.13%, 11/15/30
 
184
186,462
Security
 
Par
(000)
Value
Financial Services (continued)
PennyMac Financial Services, Inc.(a) (continued)
 
5.75%, 09/15/31
USD
948
$ 899,258
6.88%, 05/15/32
 
799
781,931
6.88%, 02/15/33
 
100
97,498
6.75%, 02/15/34
 
934
896,563
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(a)
 
990
1,022,680
Rocket Cos., Inc.(a)
 
6.50%, 08/01/29
 
294
300,084
6.13%, 08/01/30
 
935
951,056
7.13%, 02/01/32(f)
 
1,749
1,815,341
6.38%, 08/01/33
 
637
647,806
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc.(a)
 
3.63%, 03/01/29
 
100
96,190
3.88%, 03/01/31
 
447
418,285
Stena International SA, 7.63%, 02/15/31(a)
 
613
633,623
UBS AG, 5.00%, 07/09/27(f)
 
900
906,795
United Wholesale Mortgage LLC(a)
 
5.75%, 06/15/27
 
778
770,431
5.50%, 04/15/29
 
1,524
1,415,724
UWM Holdings LLC(a)
 
6.63%, 02/01/30
 
1,113
1,037,077
6.25%, 03/15/31(f)
 
1,439
1,282,470
 
 
38,448,301
Food Products — 1.4%
Aramark Services, Inc., 5.00%, 02/01/28(a)
 
994
992,008
Chobani LLC/Chobani Finance Corp., Inc.(a)
 
4.63%, 11/15/28
 
100
99,029
7.63%, 07/01/29
 
1,127
1,162,135
Darling Ingredients, Inc.(a)
 
5.25%, 04/15/27
 
703
702,468
6.00%, 06/15/30(f)
 
294
295,927
Fiesta Purchaser, Inc., 9.63%, 09/15/32(a)
 
1,673
1,638,790
J&F Luxembourg Finance SARL
 
8.50%, 12/01/32(a)
 
200
199,750
8.50%, 12/01/32(h)
 
200
199,750
Lamb Weston Holdings, Inc., 4.13%, 01/31/30(a)
 
927
888,921
MHP Lux SA, 10.50%, 07/28/29(a)
 
400
416,000
Minerva Luxembourg SA, 7.50%, 04/22/36(a)
 
400
381,500
Post Holdings, Inc.(a)
 
4.63%, 04/15/30
 
636
614,414
4.50%, 09/15/31
 
727
682,009
6.25%, 02/15/32
 
479
486,214
6.38%, 03/01/33
 
417
413,818
6.25%, 10/15/34
 
1,455
1,429,616
6.50%, 03/15/36
 
271
267,923
 
 
10,870,272
Ground Transportation — 0.2%
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a)(f)
 
1,457
1,486,326
Union Pacific Corp., 3.20%, 05/20/41
 
275
214,298
XPO, Inc., 7.13%, 06/01/31(a)
 
116
119,953
 
 
1,820,577
Health Care Equipment & Supplies(a) — 0.7%
Avantor Funding, Inc.
 
4.63%, 07/15/28(f)
 
1,046
1,035,020
3.88%, 11/01/29
 
153
146,067
Bausch & Lomb Corp., 8.38%, 10/01/28(f)
 
1,952
2,005,680
Medline Borrower LP, 5.25%, 10/01/29
 
1,170
1,162,850
118
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Equipment & Supplies (continued)
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%,
04/01/29
USD
543
$ 554,184
Teleflex, Inc., 5.88%, 01/15/32
 
324
326,448
 
 
5,230,249
Health Care Providers & Services — 3.7%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(a)
 
173
172,204
Centene Corp., 3.00%, 10/15/30
 
117
105,890
Charles River Laboratories International, Inc.(a)
 
4.25%, 05/01/28
 
551
540,655
4.00%, 03/15/31
 
900
844,251
CHS/Community Health Systems, Inc.(a)
 
6.00%, 01/15/29
 
546
540,540
5.25%, 05/15/30(f)
 
1,435
1,354,109
10.88%, 01/15/32
 
582
626,780
9.75%, 01/15/34(f)
 
2,511
2,621,687
Concentra Health Services, Inc., 6.88%, 07/15/32(a)
 
551
570,360
DaVita, Inc.(a)
 
4.63%, 06/01/30(f)
 
2,857
2,767,739
6.88%, 09/01/32
 
725
747,709
Encompass Health Corp.
 
4.63%, 04/01/31
 
370
357,241
5.88%, 06/01/34(a)
 
160
159,668
Ephios Subco 3 SARL, 7.88%, 01/31/31(h)
EUR
100
120,482
Global Medical Response, Inc., 7.38%, 10/01/32(a)
USD
1,152
1,193,766
HCA, Inc., 5.70%, 11/15/55(f)
 
1,200
1,143,338
IQVIA, Inc.(a)
 
5.00%, 05/15/27(f)
 
1,327
1,326,274
6.25%, 06/01/32
 
91
92,518
LifePoint Health, Inc.(a)
 
9.88%, 08/15/30
 
293
308,722
8.38%, 02/15/32
 
2,186
2,275,302
7.00%, 05/01/34
 
714
684,342
Molina Healthcare, Inc.(a)
 
4.38%, 06/15/28
 
572
562,013
3.88%, 11/15/30
 
631
588,438
6.50%, 02/15/31
 
597
607,325
Northwell Healthcare, Inc., 4.26%, 11/01/47(f)
 
686
559,798
Tenet Healthcare Corp.
 
4.63%, 06/15/28
 
1,713
1,698,459
4.25%, 06/01/29
 
536
520,930
4.38%, 01/15/30(f)
 
1,843
1,786,077
6.13%, 06/15/30
 
1,192
1,200,735
6.75%, 05/15/31
 
1,004
1,028,504
UnitedHealth Group, Inc., 3.95%, 10/15/42(f)
 
750
619,204
 
 
27,725,060
Hotel & Resort REITs — 0.7%
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 5.88%, 10/01/28(a)
 
814
813,589
RHP Hotel Properties LP/RHP Finance Corp.(a)
 
6.50%, 04/01/32
 
633
647,729
5.75%, 03/15/34
 
627
621,183
Service Properties Trust
 
0.00%, 09/30/28(a)(j)
 
765
709,317
4.95%, 10/01/29
 
925
871,387
4.38%, 02/15/30
 
1,116
1,007,147
8.63%, 11/15/31(a)(f)
 
132
139,056
8.88%, 06/15/32
 
179
184,291
 
 
4,993,699
Hotels, Restaurants & Leisure — 4.4%
Bigsky Co. Ltd., Class A2, (5.75% PIK),
10/20/35(c)(d)(g)
 
676
676,000
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Boyd Gaming Corp., 4.75%, 12/01/27
USD
708
$ 705,606
Brightstar Lottery PLC, 5.25%, 01/15/29(a)
 
673
670,738
Burger King (Restaurant Brands International,
Inc.)/New Red Finance, Inc.(a)
 
3.88%, 01/15/28
 
1,647
1,616,044
4.38%, 01/15/28
 
2,091
2,067,252
5.63%, 09/15/29
 
169
169,882
Caesars Entertainment, Inc.(a)
 
4.63%, 10/15/29
 
100
96,123
7.00%, 02/15/30(f)
 
1,631
1,640,388
6.50%, 02/15/32
 
800
780,377
6.00%, 10/15/32(f)
 
1,452
1,315,744
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 6.75%, 01/15/30(a)(f)
 
1,812
1,777,031
Fortune Star BVI Ltd., 5.88%, 11/20/30(h)
EUR
225
251,667
Hilton Domestic Operating Co., Inc.
 
5.88%, 04/01/29(a)
USD
681
688,587
3.75%, 05/01/29(a)
 
132
127,303
4.88%, 01/15/30(f)
 
934
930,917
4.00%, 05/01/31(a)
 
840
793,888
5.50%, 09/15/31(a)
 
162
162,414
6.13%, 04/01/32(a)
 
422
427,636
5.50%, 03/31/34(a)
 
127
125,911
Hilton Grand Vacations Borrower LLC/Hilton Grand
Vacations Borrower, Inc.(a)
 
5.00%, 06/01/29
 
389
379,677
4.88%, 07/01/31
 
317
297,961
6.63%, 01/15/32
 
539
547,010
Hilton Worldwide Finance LLC/Hilton Worldwide
Finance Corp., 4.88%, 04/01/27
 
909
908,757
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of
America LLC, 4.75%, 06/01/27(a)
 
154
153,572
Light & Wonder International, Inc.(a)
 
7.25%, 11/15/29
 
457
465,261
7.50%, 09/01/31(f)
 
305
316,123
6.25%, 10/01/33
 
63
62,659
Marriott Ownership Resorts, Inc., 6.50%, 10/01/33(a)
 
389
386,590
Melco Resorts Finance Ltd.(a)
 
7.63%, 04/17/32
 
200
205,006
6.50%, 09/24/33
 
400
393,104
MGM Resorts International
 
5.50%, 04/15/27
 
1,272
1,273,978
4.75%, 10/15/28
 
231
229,363
Resorts World Las Vegas LLC/RWLV Capital, Inc.(a)
 
4.63%, 04/16/29
 
1,400
1,255,130
8.45%, 07/27/30
 
500
492,500
Rivers Enterprise Borrower LLC/Rivers Enterprise
Finance Corp., 6.63%, 02/01/33(a)
 
126
127,885
Station Casinos LLC(a)
 
4.50%, 02/15/28
 
320
316,330
6.63%, 03/15/32
 
726
737,307
Travel & Leisure Co.(a)
 
4.50%, 12/01/29
 
686
663,754
6.13%, 09/01/33
 
511
505,717
Voyager Parent LLC, 9.25%, 07/01/32(a)(f)
 
1,718
1,816,885
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(a)
 
100
98,502
Wynn Macau Ltd.
 
5.63%, 08/26/28(a)(f)
 
2,043
2,026,043
5.63%, 08/26/28(h)
 
200
198,340
5.13%, 12/15/29(a)
 
475
463,621
6.75%, 02/15/34(a)
 
600
596,310
Schedule of Investments
119
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp.(a)
 
5.13%, 10/01/29(f)
USD
958
$ 951,570
7.13%, 02/15/31(f)
 
255
269,488
6.25%, 03/15/33
 
196
196,734
Yum! Brands, Inc.
 
4.75%, 01/15/30(a)
 
1,305
1,283,604
5.38%, 04/01/32
 
775
770,888
 
 
33,413,177
Household Durables — 1.8%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
6.88%, 08/01/33(a)
 
905
897,003
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC(a)
 
5.00%, 06/15/29
 
238
226,630
4.88%, 02/15/30
 
1,308
1,217,221
Central Garden & Pet Co., 4.13%, 10/15/30
 
155
147,806
Century Communities, Inc.(a)
 
3.88%, 08/15/29
 
403
385,124
6.63%, 09/15/33(f)
 
532
537,192
Dream Finders Homes, Inc., 8.25%, 08/15/28(a)
 
151
154,401
K Hovnanian Enterprises, Inc., 8.00%, 04/01/31(a)
 
967
997,617
LGI Homes, Inc., 8.75%, 12/15/28(a)
 
372
384,412
Mattamy Group Corp.(a)
 
4.63%, 03/01/30
 
253
242,801
6.00%, 12/15/33
 
735
705,530
Meritage Homes Corp., 1.75%, 05/15/28(i)
 
521
536,890
Newell Brands, Inc.
 
8.50%, 06/01/28(a)
 
524
547,458
6.63%, 09/15/29
 
379
385,329
6.38%, 05/15/30
 
354
358,813
6.63%, 05/15/32
 
855
865,818
Risewell Homes, Inc., 8.50%, 11/01/30(a)
 
685
699,344
Scotts Miracle-Gro Co.
 
4.50%, 10/15/29
 
108
105,740
4.00%, 04/01/31
 
132
123,722
Somnigroup International, Inc., 4.00%, 04/15/29(a)
 
1,113
1,072,945
Taylor Morrison Communities, Inc.(a)
 
5.75%, 01/15/28
 
495
500,413
5.13%, 08/01/30
 
372
372,448
Whirlpool Corp.
 
6.13%, 06/15/30
 
1,170
1,079,258
7.50%, 07/01/31(a)
 
162
163,936
6.50%, 06/15/33
 
908
787,122
 
 
13,494,973
Independent Power and Renewable Electricity Producers(a) — 1.4%
Clearway Energy Operating LLC
 
4.75%, 03/15/28
 
828
820,394
3.75%, 02/15/31
 
98
90,897
5.75%, 01/15/34
 
437
428,484
NRG Energy, Inc.
 
5.25%, 06/15/29
 
1,039
1,036,309
5.75%, 07/15/29(f)
 
1,951
1,951,445
5.75%, 01/15/34
 
590
585,393
5.88%, 05/15/34
 
247
245,701
6.25%, 11/01/34
 
790
799,893
5.41%, 10/15/35(f)
 
1,000
982,875
6.00%, 01/15/36(f)
 
937
934,071
Security
 
Par
(000)
Value
Independent Power and Renewable Electricity Producers (continued)
Talen Energy Supply LLC(k)
 
(Acquired 06/25/26, Cost $ 1,355,135), 6.13%,
05/01/31
USD
1,354
$ 1,354,026
(Acquired 06/25/26, Cost $ 1,131,448), 6.38%,
05/01/33
 
1,133
1,131,570
Vistra Corp., (5-year CMT + 6.93%), 8.00%(b)(l)
 
240
241,847
 
 
10,602,905
Industrial Conglomerates(a) — 0.1%
Avient Corp., 7.13%, 08/01/30
 
511
520,406
Axon Enterprise, Inc., 6.13%, 03/15/30
 
327
333,527
 
 
853,933
Insurance(a) — 2.8%
Acrisure LLC/Acrisure Finance, Inc.
 
4.25%, 02/15/29
 
721
657,923
7.50%, 11/06/30
 
1,348
1,278,491
6.75%, 07/01/32
 
1,343
1,207,110
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer(f)
 
4.25%, 10/15/27
 
2,111
2,085,561
5.88%, 11/01/29
 
945
923,598
7.38%, 10/01/32
 
1,475
1,464,022
AmWINS Group, Inc.
 
6.38%, 02/15/29
 
206
207,008
4.88%, 06/30/29
 
1,111
1,070,542
Ardonagh Finco Ltd., 7.75%, 02/15/31(f)
 
2,814
2,845,705
CRC Insurance Group LLC, 7.13%, 06/01/31(f)
 
2,032
2,025,521
Global Atlantic Fin Co., (5-year CMT + 3.55%), 7.25%,
03/01/56(b)(f)
 
1,002
982,009
Howden U.K. Refinance PLC/Howden U.K. Refinance
2 PLC/Howden U.S. Refinance LLC(f)
 
7.25%, 02/15/31
 
1,895
1,835,551
8.13%, 02/15/32
 
1,159
1,038,903
HUB International Ltd., 7.25%, 06/15/30(f)
 
1,423
1,460,335
Jones Deslauriers Insurance Management, Inc.,
8.50%, 03/15/30
 
903
921,029
Ryan Specialty LLC, 4.38%, 02/01/30
 
686
661,046
Teachers Insurance & Annuity Association of America,
4.27%, 05/15/47(f)
 
700
559,970
 
 
21,224,324
Interactive Media & Services — 1.1%
Alphabet, Inc., 5.35%, 11/15/45(f)
 
1,570
1,523,148
Arches Buyer, Inc., 4.25%, 06/01/28(a)
 
210
205,795
Beignet Investor LLC, 6.58%, 05/30/49(a)(f)
 
2,517
2,567,724
Cogent Communications Group LLC/Cogent Finance,
Inc., 6.50%, 07/01/32(a)
 
1,734
1,560,164
ION Platform Finance U.S., Inc./ION Platform Finance
SARL(a)
 
5.00%, 05/01/28
 
568
521,849
8.75%, 05/01/29
 
217
193,648
9.00%, 08/01/29
 
218
193,971
Prosus NV, 4.03%, 08/03/50(h)
 
304
214,320
Snap, Inc.(a)
 
6.88%, 03/01/33
 
598
582,890
6.88%, 03/15/34
 
991
959,415
 
 
8,522,924
Internet Software & Services — 1.2%
Amazon.com, Inc., 3.95%, 04/13/52(f)
 
2,980
2,262,494
Gen Digital, Inc.(a)
 
6.75%, 09/30/27
 
151
151,455
7.13%, 09/30/30
 
308
313,482
120
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Internet Software & Services (continued)
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
5.25%, 12/01/27(a)
USD
649
$ 648,328
Match Group Holdings II LLC(a)
 
5.00%, 12/15/27
 
276
275,036
4.63%, 06/01/28
 
283
279,136
4.13%, 08/01/30
 
416
391,521
3.63%, 10/01/31
 
212
190,745
6.13%, 09/15/33
 
230
227,282
Rakuten Group, Inc.(a)
 
11.25%, 02/15/27
 
2,054
2,122,054
9.75%, 04/15/29
 
361
392,338
Wayfair LLC(a)
 
7.25%, 10/31/29
 
377
389,087
7.75%, 09/15/30
 
543
570,824
6.75%, 11/15/32
 
784
805,087
 
 
9,018,869
IT Services(a) — 1.1%
Amentum Holdings, Inc., 7.25%, 08/01/32
 
616
634,464
CACI International, Inc., 6.38%, 06/15/33
 
640
649,101
CoreWeave, Inc.
 
9.25%, 06/01/30(f)
 
1,291
1,299,386
9.00%, 02/01/31
 
562
555,376
9.75%, 10/01/31(f)
 
2,879
2,872,649
Fair Isaac Corp.
 
6.00%, 05/15/33
 
864
850,805
6.25%, 09/15/34
 
498
490,519
Rocket Software, Inc., 9.00%, 11/28/28
 
1,271
1,263,408
 
 
8,615,708
Leisure Products(a) — 0.6%
Carnival Corp. Ltd., 5.75%, 08/01/32
 
189
190,846
Gaia Purchaser, Inc., 07/15/33(c)
 
542
548,215
NCL Corp. Ltd.
 
7.75%, 02/15/29
 
624
651,137
5.88%, 01/15/31
 
677
657,064
6.75%, 02/01/32
 
86
85,807
6.25%, 09/15/33(f)
 
1,323
1,284,854
NCL Finance Ltd., 6.13%, 03/15/28
 
55
55,419
Viking Cruises Ltd., 9.13%, 07/15/31
 
516
540,657
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(f)
 
851
850,933
 
 
4,864,932
Machinery(a) — 0.4%
Chart Industries, Inc., 7.50%, 01/01/30
 
587
606,039
Esab Corp.
 
6.25%, 04/15/29
 
223
226,260
5.63%, 04/01/31
 
571
571,620
Solaris Energy Infrastructure LLC, 6.38%, 05/15/31
 
294
297,280
Terex Corp., 5.00%, 05/15/29(f)
 
681
674,664
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(f)
 
566
566,085
 
 
2,941,948
Media — 8.3%
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
 
5.13%, 05/01/27(f)
 
2,874
2,868,164
5.38%, 06/01/29
 
818
800,222
4.75%, 03/01/30
 
401
380,209
4.25%, 02/01/31(f)
 
2,954
2,660,320
7.38%, 03/01/31
 
966
968,326
7.00%, 02/01/33(f)
 
3,277
3,213,708
4.50%, 06/01/33(f)
 
507
439,863
4.25%, 01/15/34(f)
 
1,600
1,354,447
Security
 
Par
(000)
Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital
Corp.(a) (continued)
 
7.38%, 02/01/36
USD
1,144
$ 1,121,903
Charter Communications Operating LLC/Charter
Communications Operating Capital, 5.38%,
05/01/47(f)
 
3,000
2,428,181
CSC Holdings LLC(a)
 
5.50%, 04/15/27
 
606
406,026
5.38%, 02/01/28
 
800
501,480
11.25%, 05/15/28
 
1,317
849,396
11.75%, 01/31/29
 
883
543,153
Directv Financing LLC(a)
 
8.88%, 02/01/30(f)
 
688
700,207
8.88%, 02/01/30
 
237
240,915
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(a)
 
5.88%, 08/15/27(f)
 
99
98,856
10.00%, 02/15/31(f)
 
3,327
3,452,445
9.25%, 06/01/32
 
424
430,804
Discovery Communications LLC
 
3.95%, 03/20/28
 
408
401,370
5.00%, 09/20/37
 
2,100
1,648,500
Discovery Global Holdings, Inc.
 
4.28%, 03/15/32
 
387
347,274
5.05%, 03/15/42(f)
 
1,585
1,161,123
DISH DBS Corp.(a)
 
5.25%, 12/01/26
 
1,555
1,538,463
5.75%, 12/01/28
 
1,201
1,163,469
DISH Network Corp., 11.75%, 11/15/27(a)
 
2,070
2,127,033
Gray Media, Inc., 9.63%, 07/15/32(a)(f)
 
3,335
3,218,775
Grupo Televisa SAB, 6.63%, 01/15/40
 
407
357,257
iHeartCommunications, Inc., 7.75%, 08/15/30(a)(f)
 
2,400
2,238,720
LCPR Senior Secured Financing DAC, 6.75%,
10/15/27(a)
 
580
330,529
McGraw-Hill Education, Inc.(a)
 
5.75%, 08/01/28
 
867
863,380
7.38%, 09/01/31
 
1,031
1,047,811
Nexstar Media, Inc.(a)
 
4.75%, 11/01/28
 
514
503,526
6.50%, 09/15/33
 
911
910,747
7.25%, 04/15/34(f)
 
2,392
2,385,971
Paramount Global
 
4.20%, 06/01/29
 
224
214,897
4.95%, 01/15/31(f)
 
1,244
1,156,347
4.20%, 05/19/32(f)
 
1,081
937,995
Sinclair Television Group, Inc., 8.13%, 02/15/33(a)(f)
 
930
955,264
Sirius XM Radio LLC(a)
 
5.00%, 08/01/27(f)
 
3,306
3,301,582
5.50%, 07/01/29
 
32
31,927
4.13%, 07/01/30
 
808
760,513
3.88%, 09/01/31
 
516
468,687
5.88%, 04/15/32
 
100
98,829
Sunrise FinCo I BV, 4.88%, 07/15/31(a)(f)
 
826
781,157
Univision Communications, Inc.(a)
 
8.50%, 07/31/31
 
209
209,904
9.38%, 08/01/32
 
1,495
1,518,978
8.88%, 04/15/33(f)
 
2,839
2,794,779
Versant Media Group, Inc., 7.25%, 01/30/31(a)
 
565
584,529
Virgin Media O2 Vendor Financing Notes VI DAC,
8.50%, 03/15/33(a)(f)
 
3,334
2,678,944
Schedule of Investments
121
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
VZ Secured Financing BV, 7.50%, 01/15/33(a)(f)
USD
2,732
$ 2,614,021
Ziggo BV, 4.88%, 01/15/30(a)
 
322
302,200
 
 
63,113,126
Metals & Mining — 2.9%
Alcoa Nederland Holding BV, 7.13%, 03/15/31(a)
 
730
757,560
Alumina Pty. Ltd.(a)
 
6.13%, 03/15/30
 
250
253,536
6.38%, 09/15/32
 
488
496,973
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30
 
400
379,080
Arsenal AIC Parent LLC(a)
 
8.00%, 10/01/30
 
419
436,682
11.50%, 10/01/31
 
1,970
2,111,188
Cleveland-Cliffs, Inc.(a)
 
6.88%, 11/01/29
 
563
567,946
7.00%, 03/15/32
 
437
433,546
7.63%, 01/15/34(f)
 
2,594
2,590,421
Commercial Metals Co.(a)
 
5.75%, 11/15/33
 
268
266,417
6.00%, 12/15/35
 
185
184,521
Constellium SE(a)
 
3.75%, 04/15/29(f)
 
1,492
1,434,787
6.38%, 08/15/32
 
422
430,065
Corp. Nacional del Cobre de Chile
 
6.44%, 01/26/36(h)
 
200
212,730
5.53%, 01/30/37(a)
 
405
399,958
CSN Resources SA, 4.63%, 06/10/31(h)
 
200
123,000
ERO Copper Corp., 6.50%, 02/15/30(a)
 
716
715,220
First Quantum Minerals Ltd., 6.38%, 02/15/36(a)
 
441
432,374
Fortescue Treasury Pty. Ltd.(a)
 
4.50%, 09/15/27
 
100
99,233
5.88%, 04/15/30
 
1,038
1,051,023
4.38%, 04/01/31
 
87
82,772
Freeport Indonesia PT, 4.76%, 04/14/27(h)
 
200
199,928
Glencore Funding LLC, 6.14%, 04/01/55(a)(f)
 
600
616,948
Kaiser Aluminum Corp., 4.50%, 06/01/31(a)
 
498
476,739
Marcobre SAC, 5.75%, 01/22/36(a)
 
200
197,150
Mineral Resources Ltd.(a)
 
9.25%, 10/01/28
 
524
541,005
7.00%, 04/01/31
 
200
207,021
6.00%, 05/01/32
 
604
597,498
6.25%, 05/01/34
 
20
19,666
Navoi Mining & Metallurgical Co., 6.70%, 10/17/28(a)
 
200
205,312
Nexa Resources SA, 6.75%, 04/09/34(a)
 
200
210,238
Novelis Corp.(a)
 
4.75%, 01/30/30(f)
 
873
842,358
6.88%, 01/30/30
 
904
926,762
6.38%, 08/15/33
 
337
339,428
Rio Tinto Finance USA PLC, 4.13%, 08/21/42(f)
 
400
341,588
Samarco Mineracao SA(g)
 
(9.00% Cash or 9.00% PIK), 9.50%, 06/30/31(h)
 
564
566,381
(9.00% PIK), 9.50%, 06/30/31(a)
 
15
15,361
Sibanye-Stillwater U.K. Financing PLC, 6.25%,
11/15/31(a)
 
200
197,250
Skeena Resources Ltd., 8.50%, 04/01/31(a)
 
841
883,402
Vale Overseas Ltd.
 
6.40%, 06/28/54
 
111
113,109
(5-year CMT + 2.43%), 6.00%, 02/25/56(a)(b)
 
200
199,498
Vedanta Resources Finance II PLC(a)
 
11.25%, 12/03/31
 
200
222,852
Security
 
Par
(000)
Value
Metals & Mining (continued)
Vedanta Resources Finance II PLC(a) (continued)
 
9.85%, 04/24/33
USD
200
$ 217,764
Volcan Cia Minera SAA, 8.50%, 10/28/32(a)
 
338
348,444
 
 
21,944,734
Mortgage Real Estate Investment Trusts (REITs)(a) — 0.3%
Starwood Property Trust, Inc.
 
5.25%, 10/15/28
 
100
99,544
7.25%, 04/01/29
 
133
137,319
6.00%, 04/15/30
 
690
692,513
6.50%, 07/01/30
 
929
948,713
6.50%, 10/15/30
 
351
359,103
5.75%, 01/15/31
 
134
133,159
 
 
2,370,351
Multi-Utilities(a) — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
 
9.50%, 06/01/30
 
754
809,061
6.88%, 06/01/31
 
128
129,596
 
 
938,657
Oil, Gas & Consumable Fuels — 11.4%
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(a)
 
789
820,565
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.38%, 06/15/29(a)(f)
 
1,691
1,685,673
Apache Corp., 5.25%, 02/01/42(f)
 
800
684,878
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(a)
 
9.00%, 11/01/27
 
214
237,540
5.88%, 06/30/29
 
314
313,074
6.63%, 10/15/32
 
475
480,934
6.63%, 07/15/33(f)
 
332
335,768
Blue Racer Midstream LLC/Blue Racer Finance
Corp.(a)
 
7.00%, 07/15/29
 
296
303,417
7.25%, 07/15/32
 
238
246,224
Breakwater Energy Holdings SARL, 9.25%,
11/15/30(a)
 
844
890,487
Buckeye Partners LP
 
4.13%, 12/01/27(f)
 
851
840,006
5.85%, 11/15/43
 
416
381,449
5.60%, 10/15/44
 
117
104,392
California Resources Corp., 7.00%, 01/15/34(a)
 
1,331
1,316,262
Caturus Energy LLC, 8.50%, 02/15/30(a)
 
1,225
1,276,473
Cheniere Energy Partners LP, 5.55%, 10/30/35(f)
 
2,000
2,031,597
Chord Energy Corp., 6.00%, 10/01/30(a)(f)
 
893
896,772
CNX Resources Corp.(a)
 
7.38%, 01/15/31(f)
 
519
531,536
7.25%, 03/01/32(f)
 
290
298,772
5.88%, 03/01/34
 
724
704,552
Comstock Resources, Inc.(a)
 
6.75%, 03/01/29
 
1,305
1,281,199
6.75%, 03/01/29(f)
 
395
388,950
5.88%, 01/15/30
 
1,100
1,037,484
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(a)
 
1,265
1,241,667
Crescent Energy Finance LLC(a)
 
7.75%, 07/31/29
 
140
140,349
9.75%, 10/15/30
 
148
156,880
7.63%, 04/01/32
 
922
929,434
7.38%, 01/15/33
 
349
346,903
8.38%, 01/15/34
 
1,241
1,278,230
122
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
CVR Energy, Inc.(a)
 
7.50%, 02/15/31
USD
206
$ 205,020
7.88%, 02/15/34
 
1,144
1,131,778
Delek Logistics Partners LP/Delek Logistics Finance
Corp.(a)
 
8.63%, 03/15/29
 
627
651,675
7.38%, 06/30/33
 
497
506,321
6.88%, 06/01/34
 
573
570,298
Ecopetrol SA, 8.88%, 01/13/33
 
200
219,000
Empresa Nacional del Petroleo, 5.95%, 07/30/34(a)
 
200
204,115
Enbridge, Inc.(b)(f)
 
(3-mo. CME Term SOFR + 3.90%), 6.25%,
03/01/78
 
1,865
1,875,575
Series 2020-A, (5-year CMT + 5.31%), 5.75%,
07/15/80
 
3,000
3,017,838
Energy Transfer LP
 
6.13%, 12/15/45(f)
 
500
496,840
5.30%, 04/15/47
 
350
314,135
Series H, (5-year CMT + 5.69%), 6.50%(b)(f)(l)
 
4,000
4,002,064
EQT Corp., 4.50%, 01/15/29
 
13
12,907
Genesis Energy LP/Genesis Energy Finance Corp.
 
8.25%, 01/15/29
 
1,132
1,168,914
7.88%, 05/15/32
 
487
502,136
8.00%, 05/15/33
 
317
329,733
6.75%, 03/15/34(a)
 
377
374,090
Global Partners LP/GLP Finance Corp.(a)
 
8.25%, 01/15/32
 
262
274,403
7.13%, 07/01/33
 
361
365,279
Gran Tierra Energy, Inc.
 
9.50%, 10/15/29(a)
 
200
183,002
9.75%, 04/15/31(h)
 
200
175,100
Harvest Midstream I LP(a)
 
7.50%, 05/15/32(f)
 
456
472,310
6.75%, 05/15/34
 
674
683,607
Hess Corp., 4.30%, 04/01/27
 
750
749,713
Hess Midstream Operations LP(a)
 
5.88%, 03/01/28
 
100
100,706
5.50%, 10/15/30
 
610
607,687
Hilcorp Energy I LP/Hilcorp Finance Co.(a)
 
5.75%, 02/01/29
 
388
386,493
6.00%, 02/01/31
 
650
629,617
6.25%, 04/15/32
 
1,178
1,140,329
8.38%, 11/01/33
 
1,097
1,142,272
Howard Midstream Energy Partners LLC(a)
 
7.38%, 07/15/32
 
603
624,535
6.63%, 01/15/34(f)
 
249
251,129
Impulsora Pipeline LLC, 6.05%, 01/01/43
 
1,380
1,205,416
Infinity Natural Resources LLC, 7.63%, 04/01/31(a)
 
688
683,340
ITT Holdings LLC, 6.50%, 08/01/29(a)(f)
 
1,461
1,443,878
Kinetik Holdings LP(a)
 
6.63%, 12/15/28
 
1,082
1,099,883
5.88%, 06/15/30
 
191
192,110
Matador Resources Co.(a)
 
6.50%, 04/15/32
 
605
608,303
6.25%, 04/15/33
 
418
416,478
MC Brazil Downstream Trading SARL, 7.25%,
06/30/31(h)
 
351
330,909
Medco Cypress Tree Pte. Ltd., 8.63%, 05/19/30(a)
 
250
260,750
Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29(a)
 
250
257,562
Murphy Oil Corp., 6.50%, 02/15/34
 
203
201,104
Murphy Oil USA, Inc., 4.75%, 09/15/29
 
407
400,579
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Noble Finance II LLC, 8.00%, 04/15/30(a)
USD
628
$ 650,707
Northern Oil & Gas, Inc.(a)
 
8.75%, 06/15/31
 
362
372,860
7.88%, 10/15/33
 
909
903,219
NuStar Logistics LP, 5.63%, 04/28/27
 
337
337,909
Parex Resources, Inc., 8.50%, 05/11/31(a)
 
271
275,336
Permian Resources Operating LLC(a)(f)
 
5.88%, 07/01/29
 
528
527,927
7.00%, 01/15/32
 
1,327
1,372,517
Petrobras Global Finance BV, 6.75%, 01/27/41
 
243
241,861
Petroleos Mexicanos
 
8.75%, 06/02/29
 
582
622,275
5.95%, 01/28/31
 
540
534,114
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%,
07/03/36(a)
 
268
278,934
PRIO Luxembourg Holding SARL, 6.75%, 10/15/30(a)
 
200
196,000
Raizen Fuels Finance SA, 6.45%, 02/25/37(a)(e)(m)
 
200
110,000
Rockies Express Pipeline LLC, 4.95%, 07/15/29(a)
 
606
598,063
SM Energy Co.(a)
 
6.75%, 08/01/29
 
1,154
1,175,025
6.63%, 04/15/34
 
1,396
1,374,115
Sunoco LP(a)
 
7.00%, 05/01/29
 
242
248,645
4.50%, 10/01/29
 
100
97,119
4.63%, 05/01/30(f)
 
1,220
1,178,369
5.63%, 03/15/31
 
677
672,062
7.25%, 05/01/32
 
535
554,962
6.63%, 08/15/32
 
41
41,700
Sunoco LP/Sunoco Finance Corp.
 
7.00%, 09/15/28(a)
 
106
108,114
4.50%, 05/15/29(f)
 
2,400
2,346,676
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(a)
 
5.50%, 01/15/28
 
442
441,063
7.38%, 02/15/29
 
759
778,556
6.00%, 09/01/31
 
366
362,103
6.75%, 03/15/34
 
435
438,851
TPAO Varlik Kiralama ASA, 6.30%, 03/04/31(h)
 
200
194,358
Transocean International Ltd., 7.88%, 10/15/32(a)
 
1,535
1,602,448
Trident Energy Finance PLC, 12.50%, 11/30/29(h)
 
200
210,190
Valaris Ltd., 8.38%, 04/30/30(a)
 
1,011
1,049,901
Venture Global Calcasieu Pass LLC(a)
 
3.88%, 08/15/29(f)
 
1,698
1,619,811
6.25%, 01/15/30
 
586
600,172
4.13%, 08/15/31
 
284
266,635
Venture Global LNG, Inc.(a)
 
9.50%, 02/01/29(f)
 
1,960
2,109,648
7.00%, 01/15/30
 
731
745,557
9.88%, 02/01/32(f)
 
3,562
3,802,638
Venture Global Plaquemines LNG LLC(a)
 
6.13%, 12/15/30(f)
 
2,189
2,239,693
7.50%, 05/01/33(f)
 
1,749
1,919,550
6.50%, 06/15/34
 
102
106,261
7.75%, 05/01/35
 
1,273
1,427,634
Vista Energy Argentina SAU, 8.50%, 06/10/33(a)
 
134
142,951
 
 
86,526,929
Passenger Airlines — 0.7%
ABRA Global Finance, (6.00% Cash + 8.00% PIK),
14.00%, 10/22/29(a)(g)
 
239
234,045
American Airlines, Inc., 7.25%, 02/15/28(a)
 
499
505,068
Schedule of Investments
123
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Passenger Airlines (continued)
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29(a)
USD
643
$ 644,249
Avianca Midco 2 PLC
 
9.00%, 12/01/28(h)
 
142
145,482
9.50%, 01/28/31(a)
 
200
196,675
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(a)(f)
 
2,340
2,119,368
United Airlines Holdings, Inc., 4.88%, 03/01/29
 
1,139
1,125,658
 
 
4,970,545
Personal Care Products — 0.4%
Edgewell Personal Care Co.(a)
 
5.50%, 06/01/28
 
662
661,050
4.13%, 04/01/29
 
125
120,844
Opal Bidco SAS, 6.50%, 03/31/32(a)
 
431
439,707
Perrigo Finance Unlimited Co.
 
5.15%, 06/15/30
 
667
641,378
6.13%, 09/30/32
 
671
640,876
Prestige Brands, Inc.(a)
 
5.13%, 01/15/28
 
360
359,717
3.75%, 04/01/31
 
322
295,498
 
 
3,159,070
Pharmaceuticals — 2.0%
1261229 B.C. Ltd., 10.00%, 04/15/32(a)
 
8,335
8,441,988
AdaptHealth LLC(a)
 
4.63%, 08/01/29
 
322
310,685
5.13%, 03/01/30
 
900
873,216
Endo Finance Holdings LP, 8.50%, 04/15/31(a)
 
263
276,468
HLF Financing SARL LLC/Herbalife International,
Inc.(a)
 
4.88%, 06/01/29
 
1,468
1,374,358
7.75%, 05/01/33(f)
 
694
703,400
Jazz Securities DAC, 4.38%, 01/15/29(a)
 
1,168
1,144,139
Teva Pharmaceutical Finance Netherlands III BV
 
3.15%, 10/01/26(f)
 
823
819,708
4.75%, 05/09/27
 
771
770,518
6.75%, 03/01/28
 
400
409,380
Viatris, Inc., 2.30%, 06/22/27
 
392
382,791
 
 
15,506,651
Real Estate Management & Development — 0.3%
Alpha Star Holding IX Ltd., 7.00%, 08/26/28(h)
 
400
397,372
CoreLogic, Inc., 4.50%, 05/01/28(a)
 
415
405,379
Fantasia Holdings Group Co. Ltd.(e)(h)(m)
 
11.75%, 04/17/22
 
430
4,730
12.25%, 10/18/22
 
200
2,200
11.88%, 06/01/23
 
200
2,250
9.25%, 07/28/23
 
400
4,500
Howard Hughes Corp.(a)
 
4.13%, 02/01/29
 
156
150,722
4.38%, 02/01/31
 
300
283,716
5.88%, 03/01/32
 
508
503,658
6.13%, 03/01/34
 
334
330,006
Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30(h)
 
200
193,400
 
 
2,277,933
Semiconductors & Semiconductor Equipment — 0.7%
Broadcom, Inc.(f)
 
4.15%, 04/15/32(a)
 
1,000
962,442
3.50%, 02/15/41
 
800
639,201
Entegris, Inc., 4.75%, 04/15/29(a)(f)
 
541
534,621
Kioxia Holdings Corp., 6.25%, 07/24/30(a)
 
959
989,276
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Micron Technology, Inc., 6.05%, 11/01/35(f)
USD
1,000
$ 1,062,163
QUALCOMM, Inc.(f)
 
5.40%, 05/20/33
 
400
414,191
4.30%, 05/20/47
 
700
570,089
 
 
5,171,983
Software — 2.8%
Capstone Borrower, Inc., 8.00%, 06/15/30(a)
 
1,381
1,311,994
Cloud Software Group, Inc.(a)
 
6.50%, 03/31/29(f)
 
985
955,727
9.00%, 09/30/29(f)
 
2,754
2,673,120
8.25%, 06/30/32(f)
 
3,065
2,872,657
6.63%, 08/15/33
 
101
87,566
Microsoft Corp., 2.92%, 03/17/52(f)
 
2,350
1,491,819
OAK-Eagle Acquireco, Inc., 8.75%, 07/01/34(a)(f)
 
2,316
2,458,022
Open Text Corp., 3.88%, 12/01/29(a)
 
1,646
1,513,406
Open Text Holdings, Inc.(a)
 
4.13%, 02/15/30
 
125
114,506
4.13%, 12/01/31
 
907
796,243
Oracle Corp.(f)
 
5.70%, 02/04/36
 
945
915,190
6.70%, 02/04/56
 
2,500
2,353,027
6.13%, 08/03/65
 
600
504,166
ROBLOX Corp., 3.88%, 05/01/30(a)
 
605
571,739
SS&C Technologies, Inc., 6.50%, 06/01/32(a)
 
723
729,168
UKG, Inc., 6.88%, 02/01/31(a)(f)
 
1,676
1,628,199
 
 
20,976,549
Specialty Retail — 1.6%
Advance Auto Parts, Inc.(a)
 
7.00%, 08/01/30
 
1,152
1,181,188
7.38%, 08/01/33
 
671
695,471
Bath & Body Works, Inc., 6.63%, 10/01/30(a)(f)
 
1,263
1,288,369
FirstCash, Inc.(a)
 
4.63%, 09/01/28
 
1,078
1,059,764
5.63%, 01/01/30
 
392
389,687
6.88%, 03/01/32
 
100
102,759
Gap, Inc.(a)
 
3.63%, 10/01/29
 
809
762,257
3.88%, 10/01/31
 
171
155,814
Kohl’s Corp., 5.13%, 05/01/31
 
1,271
1,136,226
Michaels Cos., Inc., 8.50%, 03/15/33(a)(f)
 
1,503
1,488,713
Nordstrom, Inc., 4.38%, 04/01/30
 
429
412,896
PetSmart LLC/PetSmart Finance Corp.(a)
 
7.50%, 09/15/32
 
250
250,055
10.00%, 09/15/33(f)
 
2,500
2,503,980
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31(a)
 
588
557,419
 
 
11,984,598
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc., 2.65%, 02/08/51(f)
 
2,500
1,516,340
NCR Atleos Corp., 9.50%, 04/01/29(a)
 
589
628,043
NCR Voyix Corp., 5.13%, 04/15/29(a)
 
915
892,607
Seagate Data Storage Technology Pte. Ltd.(a)
 
8.25%, 12/15/29
 
341
356,569
8.50%, 07/15/31
 
615
642,662
 
 
4,036,221
124
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Textiles, Apparel & Luxury Goods — 0.1%
Beach Acquisition Bidco LLC, (10.00% Cash or
10.75% PIK), 10.00%, 07/15/33(a)(f)(g)
USD
825
$ 936,595
VF Corp., 2.95%, 04/23/30
 
234
213,340
 
 
1,149,935
Tobacco(f) — 0.3%
Altria Group, Inc., 3.40%, 02/04/41
 
750
573,737
BAT Capital Corp.
 
7.08%, 08/02/43
 
500
556,933
4.54%, 08/15/47
 
715
589,423
Philip Morris International, Inc., 3.88%, 08/21/42
 
900
734,067
 
 
2,454,160
Wireless Telecommunication Services — 1.4%
Colombia Telecomunicaciones SA ESP, 4.95%,
07/17/30(h)
 
200
189,750
Digicel International Finance Ltd. U.S. LLC, 8.63%,
08/01/32(a)(f)
 
2,467
2,542,552
Iliad Holding SAS(a)
 
7.00%, 10/15/28
 
1,325
1,330,684
8.50%, 04/15/31
 
1,129
1,196,102
Rogers Communications, Inc.(b)
 
(5-year CMT + 2.62%), 7.13%, 04/15/55
 
453
465,416
(5-year CMT + 2.65%), 7.00%, 04/15/55
 
921
942,463
Telecom Argentina SA, 9.25%, 05/28/33(a)
 
266
283,987
Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32(a)
 
200
206,972
VF Ukraine PAT via VFU Funding PLC, 9.63%,
02/11/27(h)
 
154
153,796
Vmed O2 U.K. Financing I PLC(a)
 
4.25%, 01/31/31
 
1,332
1,095,374
4.75%, 07/15/31
 
200
164,331
6.75%, 01/15/33(f)
 
1,858
1,573,106
WOM Mobile SA, (5.50% Cash and 6.25% PIK),
11.00%, 04/01/31(a)(g)
 
11
11,941
Zegona Finance PLC, 6.75%, 07/15/29(h)
EUR
90
106,468
 
 
10,262,942
Total Corporate Bonds — 95.3%
(Cost: $725,043,767)
723,292,293
Floating Rate Loan Interests(b)
Aerospace & Defense — 0.0%
Arcline FM Holdings LLC, 2025 1st Lien Term Loan,
06/23/30(n)
USD
—
(o)
124
Cubic Corp.
 
2025 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.76%), 8.17%, 05/25/29
 
4
244
2025 Second Out Term Loan C, (3-mo. CME Term
SOFR at 0.75% Floor + 3.51%), 7.18%, 05/25/29
 
2
162
 
 
530
Chemicals — 0.0%
Advancion Holdings LLC, 2020 2nd Lien Term Loan,
(3-mo. CME Term SOFR + 7.85%), 11.52%,
11/24/28(d)
 
118
88,350
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME
Term SOFR at 0.00% Floor + 4.85%), 8.53%,
04/08/31
 
66
43,045
 
 
131,395
Security
 
Par
(000)
Value
Health Care Providers & Services — 0.1%
Quorum Health Corp., 2020 Term Loan, 0.00%,
01/28/28(d)(e)(m)
USD
357
$ 260,553
Machinery — 0.0%
GrafTech Global Enterprises, Inc.
 
2024 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 2.00% Floor + 6.00%), 9.64%, 12/21/29
 
70
67,229
2024 Term Loan, (3-mo. CME Term SOFR at 2.00%
Floor + 6.00%), 9.67%, 12/21/29
 
123
117,652
PECF USS Intermediate Holding III Corp., 2026 Term
Loan, (3-mo. CME Term SOFR at 2.00% Floor +
7.50%), 11.18%, 03/03/33
 
25
23,354
 
 
208,235
Media — 0.2%
CSC Holdings LLC, 2019 Term Loan B5, (Prime +
1.50%), 8.25%, 04/15/27
 
530
370,880
Discovery Global Holdings, Inc., 2026 USD Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.14%, 06/03/33
 
1,263
1,263,117
 
 
1,633,997
Total Floating Rate Loan Interests — 0.3%
(Cost: $2,478,565)
2,234,710
Foreign Agency Obligations
Angola — 0.0%
Angolan Government International Bonds, 9.88%,
03/31/37(a)
 
200
206,125
Argentina — 0.1%
Argentine Republic Government International Bonds(p)
 
1.75%, 07/09/27
 
321
284,584
4.75%, 07/09/27
 
347
277,748
 
 
562,332
Bahrain — 0.0%
Bahrain Government International Bonds, 5.45%,
09/16/32(h)
 
200
185,750
Barbados — 0.1%
Barbados Government International Bonds, 8.00%,
06/26/35(a)
 
466
498,620
Benin — 0.1%
Benin Government International Bonds, 7.96%,
02/13/38(a)
 
600
636,495
Brazil — 0.1%
Brazil Government International Bonds, 5.50%,
04/23/36
EUR
250
288,114
Brazilian Government International Bonds
 
6.63%, 03/15/35
 
306
314,690
6.25%, 05/22/36
 
200
198,280
 
 
801,084
Bulgaria — 0.0%
Bulgaria Government International Bonds, Series 13Y,
5.00%, 03/05/37(h)
 
328
320,108
Cayman Islands — 0.1%
Kyrgyz Republic International Bonds, 7.75%,
06/03/30(a)
 
400
405,000
Schedule of Investments
125
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chile — 0.1%
Chile Government International Bonds
 
3.75%, 01/14/32
EUR
250
$ 289,223
4.34%, 03/07/42(f)
USD
400
353,900
 
 
643,123
Colombia — 0.1%
Colombia Government International Bonds
 
6.13%, 01/21/31(f)
 
200
202,306
7.75%, 11/07/36
 
200
218,200
6.50%, 11/26/38
EUR
241
289,631
 
 
710,137
Costa Rica — 0.0%
Costa Rica Government International Bonds, 6.55%,
04/03/34(h)
USD
200
213,210
Dominican Republic — 0.2%
Dominican Republic International Bonds(a)
 
4.50%, 01/30/30
 
682
659,323
7.05%, 02/03/31
 
450
474,570
6.95%, 03/15/37
 
300
318,467
 
 
1,452,360
Ecuador — 0.0%
Ecuador Government International Bonds, 9.25%,
01/29/39(a)
 
349
357,550
Egypt — 0.2%
Egypt Government International Bonds
 
5.63%, 04/16/30(h)
EUR
247
281,209
9.45%, 02/04/33(a)
USD
400
443,550
8.50%, 01/31/47(a)
 
200
195,766
7.50%, 02/16/61(a)
 
400
344,432
 
 
1,264,957
Guatemala — 0.1%
Guatemala Government Bonds(a)
 
7.05%, 10/04/32
 
400
431,400
6.60%, 06/13/36
 
400
425,600
6.25%, 08/15/36
 
200
208,738
 
 
1,065,738
Hungary — 0.2%
Hungary Government International Bonds
 
5.25%, 06/16/29(a)
 
400
404,750
6.00%, 09/26/35(h)
 
200
208,308
5.50%, 03/26/36(a)
 
200
201,190
6.75%, 09/23/55(a)
 
400
436,568
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29(h)
EUR
507
615,429
 
 
1,866,245
Indonesia — 0.1%
Indonesia Government International Bonds
 
3.88%, 01/15/33
 
238
267,903
4.50%, 05/29/33
 
413
477,061
 
 
744,964
Ivory Coast — 0.2%
Ivory Coast Government International Bonds
 
6.38%, 03/03/28(h)
USD
133
134,822
5.88%, 10/17/31(h)
EUR
446
524,974
Security
 
Par
(000)
Value
Ivory Coast (continued)
Ivory Coast Government International
Bonds (continued)
 
8.08%, 04/01/36(a)
USD
400
$ 439,176
8.25%, 01/30/37(a)
 
200
221,350
 
 
1,320,322
Jordan — 0.1%
Jordan Government International Bonds
 
7.50%, 01/13/29(a)
 
200
208,900
5.85%, 07/07/30(h)
 
400
404,940
 
 
613,840
Kenya — 0.1%
Republic of Kenya Government International Bonds,
9.75%, 02/16/31(a)
 
400
435,000
Latvia — 0.1%
Latvia Government International Bonds, 5.13%,
07/30/34(a)(f)
 
600
606,372
Mexico — 0.3%
Eagle Funding Luxco SARL, 5.50%, 08/17/30(a)(f)
 
500
500,757
Mexico Government International Bonds
 
5.38%, 03/22/33
 
400
392,048
5.63%, 09/22/35(f)
 
524
509,302
6.13%, 02/09/38
 
200
196,090
5.13%, 03/19/38
EUR
324
368,467
 
 
1,966,664
Montenegro — 0.0%
Montenegro Government International Bonds, 2.88%,
12/16/27(h)
 
142
159,532
Morocco — 0.1%
Morocco Government International Bonds
 
2.38%, 12/15/27(h)
USD
200
193,100
5.95%, 03/08/28(a)
 
200
203,318
4.75%, 04/02/35(a)
EUR
431
500,468
 
 
896,886
Nigeria — 0.1%
Nigeria Government International Bonds(a)
 
10.38%, 12/09/34
USD
400
475,200
9.13%, 01/13/46
 
400
443,400
 
 
918,600
Panama — 0.1%
Panama Government International Bonds, 6.40%,
02/14/35
 
400
422,660
Paraguay — 0.0%
Paraguay Government International Bonds(h)
 
2.74%, 01/29/33
 
200
177,426
5.60%, 03/13/48
 
200
190,075
 
 
367,501
Peru — 0.2%
Corp. Financiera de Desarrollo SA, 5.50%, 05/06/30(a)
 
200
203,128
Peruvian Government International Bonds
 
2.78%, 01/23/31(f)
 
536
493,388
1.86%, 12/01/32(f)
 
350
290,062
6.20%, 06/30/55
 
256
264,246
 
 
1,250,824
126
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Poland — 0.1%
Republic of Poland Government International Bonds
 
Series 10Y, 4.88%, 10/04/33(f)
USD
138
$ 137,559
Series 30Y, 5.50%, 04/04/53
 
362
342,296
 
 
479,855
Republic of North Macedonia — 0.0%
North Macedonia Government International Bonds,
6.96%, 03/13/27(h)
EUR
234
271,550
Romania — 0.3%
Romanian Government International Bonds
 
5.25%, 11/25/27(a)
USD
130
130,162
2.12%, 07/16/31(h)
EUR
633
643,620
4.63%, 03/04/33(a)
 
358
396,587
6.25%, 09/10/34(a)
 
512
617,661
6.75%, 07/11/39(a)
 
230
278,237
6.50%, 10/07/45(a)
 
319
367,854
 
 
2,434,121
Saudi Arabia — 0.0%
Saudi Government International Bonds, 5.00%,
01/18/53(a)
USD
438
377,495
Serbia — 0.1%
Serbia International Bonds
 
4.25%, 05/06/31(a)
EUR
200
228,808
6.50%, 09/26/33(h)
USD
400
422,636
6.00%, 06/12/34(a)
 
200
205,066
 
 
856,510
South Africa — 0.2%
Republic of South Africa Government International
Bonds
 
7.10%, 11/19/36(a)
 
200
215,136
7.95%, 11/19/54(a)
 
400
431,000
7.25%, 12/11/55(a)
 
200
199,400
Series 30Y, 5.00%, 10/12/46
 
200
156,250
Series 30Y, 5.75%, 09/30/49
 
603
510,666
 
 
1,512,452
Suriname — 0.0%
Suriname Government International Bonds, 8.50%,
11/06/35(a)
 
200
218,102
Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bonds,
6.50%, 01/28/36(a)
 
392
402,898
Turkey — 0.1%
Turkiye Government International Bonds
 
6.30%, 03/14/33
 
200
195,450
Series 7Y, 7.13%, 02/12/32
 
600
615,150
 
 
810,600
Ukraine — 0.0%
Ukraine Government International Bonds(h)(p)
 
3.00%, 02/01/27
 
47
28,348
6.00%, 02/01/27
 
89
70,284
 
 
98,632
United Arab Emirates — 0.1%
Emirate of Dubai Government International Bonds,
3.90%, 09/09/50(h)
 
459
328,070
Republic of Armenia International Bonds, 6.75%,
03/12/35(a)
 
200
209,404
 
 
537,474
Security
 
Par
(000)
Value
Uruguay — 0.1%
Oriental Republic of Uruguay, 5.25%, 09/10/60
USD
445
$ 412,730
Uzbekistan — 0.1%
Republic of Uzbekistan International Bonds(a)
 
5.38%, 05/29/27
EUR
206
238,452
7.85%, 10/12/28
USD
400
423,072
 
 
661,524
Total Foreign Agency Obligations — 4.0%
(Cost: $29,947,222)
29,965,942
Municipal Bonds
Arizona — 0.1%
Maricopa County Industrial Development Authority, RB,
7.38%, 10/01/29(a)
 
700
730,915
California — 0.1%
Golden State Tobacco Securitization Corp., Refunding
RB, Series A-1, 3.71%, 06/01/41
 
1,000
772,994
Illinois — 0.1%
State of Illinois, GO, 5.10%, 06/01/33
 
638
644,441
Massachusetts — 0.1%
Massachusetts Educational Financing Authority,
Refunding RB, Series A, 6.35%, 07/01/49
 
670
699,670
New York — 0.1%
New York City Municipal Water Finance Authority,
Refunding RB, BAB, 6.01%, 06/15/42
 
1,000
1,008,000
Texas — 0.1%
Port of Beaumont Navigation District, Refunding ARB,
Series B, 10.00%, 07/01/26(a)
 
850
850,000
Total Municipal Bonds — 0.6%
(Cost: $4,641,491)
4,706,020
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 12.8%
A&D Mortgage Trust, Series 2024-NQM5, Class A1,
5.70%, 11/25/69(a)
 
1,142
1,144,377
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(a)
 
334
334,354
Ajax Mortgage Loan Trust, Series 2017-D, Class B,
0.00%, 12/25/57(a)(b)
 
1
267
Alternative Loan Trust
 
Series 2005-9CB, Class 1A3, (1 mo. Term SOFR +
0.56%), 4.21%, 05/25/35(b)
 
854
761,083
Series 2006-40T1, Class 2A5, (1 mo. Term SOFR +
0.51%), 4.16%, 12/25/36(b)
 
2,259
458,905
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36
 
1,303
481,489
Series 2006-J7, Class 2A1, (1-mo. SOFR US +
1.61%), 2.69%, 11/20/46(b)
 
2,244
2,135,478
Series 2006-J8, Class A5, 6.00%, 02/25/37
 
1,734
622,212
Series 2006-OA14, Class 3A1, (12-mo. MTA +
0.85%), 4.59%, 11/25/46(b)
 
3,243
2,973,195
Series 2006-OA16, Class A2, (1 mo. Term SOFR +
0.49%), 4.14%, 10/25/46(b)
 
2,090
1,990,948
Series 2006-OA18, Class A1, (1 mo. Term SOFR +
0.35%), 4.00%, 12/25/46(b)
 
1,151
1,054,356
Series 2006-OA6, Class 1A1A, (1 mo. Term SOFR +
0.53%), 4.18%, 07/25/46(b)
 
2,412
2,277,500
Schedule of Investments
127
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Alternative Loan Trust (continued)
 
Series 2006-OA8, Class 1A1, (1 mo. Term SOFR +
0.49%), 4.14%, 07/25/46(b)
USD
904
$ 835,865
Series 2007-12T1, Class A22, 5.75%, 06/25/37
 
3,206
1,351,263
Series 2007-12T1, Class A5, 6.00%, 06/25/37
 
1,555
684,213
Series 2007-19, Class 1A1, 6.00%, 08/25/37
 
528
251,907
Series 2007-22, Class 2A16, 6.50%, 09/25/37
 
6,836
2,520,125
Series 2007-23CB, Class A1, 6.00%, 09/25/37
 
3,726
1,637,086
Series 2007-4CB, Class 1A3, (1 mo. Term SOFR +
0.46%), 4.11%, 04/25/37(b)
 
1,217
914,907
Series 2007-OA2, Class 1A1, (12-mo. MTA +
0.84%), 4.58%, 03/25/47(b)
 
1,184
1,082,647
Angel Oak Mortgage Trust(a)
 
Series 2024-10, Class A1, 5.35%, 10/25/69
 
1,223
1,221,311
Series 2025-11, Class A1, 4.98%, 10/25/70(b)
 
553
547,479
Series 2025-7, Class A1, 5.51%, 06/25/70
 
1,275
1,275,137
Series 2026-3, Class A1, 06/25/71(b)(c)
 
3,015
3,014,948
Bravo Residential Funding Trust(a)
 
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(b)
 
289
273,734
Series 2023-NQM3, Class A1, 4.85%, 09/25/62
 
284
282,718
Series 2023-NQM4, Class A1, 6.44%, 05/25/63
 
711
709,503
BRAVO Residential Funding Trust, Series 2026-NQM6,
Class A1, 5.52%, 05/25/66(a)
 
3,015
3,014,976
Chase Home Lending Mortgage Trust, Series 2019-
ATR1, Class A12, 6.50%, 04/25/49(a)(b)
 
288
287,176
CHL Mortgage Pass-Through Trust
 
Series 2006-OA5, Class 3A1, (1 mo. Term SOFR +
0.51%), 4.16%, 04/25/46(b)
 
3,049
2,818,795
Series 2007-J2, Class 2A1, (1 mo. Term SOFR +
0.76%), 4.41%, 07/25/37(b)
 
2,594
614,903
Series 2007-J2, Class 2A8, 6.00%, 07/25/37
 
1,433
448,318
CIM Trust(a)
 
Series 2023-I1, Class A1, 6.03%, 04/25/58
 
731
729,285
Series 2023-I2, Class A1, 6.64%, 12/25/67
 
712
709,838
Citigroup Mortgage Loan Trust, Series 2006-AR7,
Class 2A3A, 4.57%, 11/25/36(b)
 
216
221,315
COLT Mortgage Loan Trust(a)
 
Series 2023-2, Class A1, 6.60%, 07/25/68
 
595
592,752
Series 2024-6, Class A1, 5.39%, 11/25/69
 
854
852,911
Series 2024-7, Class A1, 5.54%, 12/26/69
 
994
994,412
Series 2024-INV4, Class A1, 5.61%, 05/25/69
 
947
949,257
Series 2025-6, Class A1, 5.53%, 08/25/70
 
1,529
1,529,683
CSMC(a)(b)
 
Series 2011-4R, Class 1A2, (1 mo. Term SOFR +
1.61%), 5.26%, 09/27/37
 
600
514,358
Series 2021-NQM2, Class M1, 2.28%, 02/25/66
 
1,500
1,158,844
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%,
05/25/67(a)(b)
 
2,077
2,070,359
Deephaven Residential Mortgage Trust(a)(b)
 
Series 2025-INV1, Class A1, 5.09%, 11/25/60
 
1,179
1,170,410
Series 2025-INV1, Class M1, 5.73%, 11/25/60
 
1,500
1,487,019
Ellington Financial Mortgage Trust(a)(b)
 
Series 2020-1, Class M1, 5.24%, 05/25/65
 
500
492,787
Series 2021-2, Class A1, 0.93%, 06/25/66
 
145
123,302
Flagstar Mortgage Trust, Series 2021-4, Class A1,
2.50%, 06/01/51(a)(b)
 
1,800
1,486,931
GCAT Trust(a)(b)
 
Series 2022-NQM3, Class A1, 5.35%, 04/25/67
 
777
774,486
Series 2024-INV4, Class A2, 5.50%, 12/25/54
 
685
684,074
Series 2025-NQM6, Class A1, 4.94%, 10/25/70
 
385
380,856
GS Mortgage-Backed Securities Trust(a)
 
Series 2025-DSC2, Class M1, 5.79%, 01/25/66(b)
 
1,500
1,478,506
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
GS Mortgage-Backed Securities Trust(a) (continued)
 
Series 2025-NQM5, Class A1, 5.01%, 07/25/65
USD
300
$ 297,770
Series 2025-NQM5, Class M1, 5.75%, 07/25/65(b)
 
1,500
1,476,616
Homes Trust(a)
 
Series 2024-NQM2, Class A1, 5.72%, 10/25/69
 
385
385,385
Series 2025-NQM3, Class A1, 5.63%, 02/25/70(b)
 
1,006
1,008,252
Series 2025-NQM5, Class M1, 5.80%, 09/25/70(b)
 
731
724,158
JP Morgan Mortgage Trust(a)(b)
 
Series 2022-DSC1, Class A1, 4.75%, 01/25/63
 
368
357,353
Series 2023-DSC1, Class A1, 4.63%, 07/25/63
 
241
234,157
Series 2024-INV1, Class A3, 5.50%, 04/25/55
 
1,165
1,164,385
Series 2025-NQM4, Class A1, 4.95%, 03/25/66
 
2,113
2,085,142
Series 2025-VIS3, Class A1, 5.06%, 02/25/66
 
1,879
1,861,415
MFA Trust(a)
 
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(b)
 
2,000
1,775,693
Series 2023-NQM3, Class A1, 6.62%, 07/25/68
 
929
927,917
Morgan Stanley Re-REMIC Trust, Series 2010-R5,
Class 7B, 4.04%, 05/26/37(a)
 
2,223
2,927,767
Morgan Stanley Residential Mortgage Loan Trust(a)(b)
 
Series 2024-NQM5, Class A1, 5.65%, 10/25/69
 
973
973,887
Series 2025-SPL1, Class A1, 4.25%, 02/25/65
 
3,746
3,623,357
New Residential Mortgage Loan Trust(a)(b)
 
Series 2025-NQM5, Class A1, 5.11%, 08/25/65
 
3,226
3,200,236
Series 2025-NQM5, Class M1, 6.09%, 08/25/65
 
1,500
1,481,619
Nomura Asset Acceptance Corp. Alternative Loan
Trust, Series 2006-AF1, Class 1A2, 6.16%,
05/25/36(b)
 
6,324
1,091,403
OBX Trust(a)
 
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63
 
723
720,554
Series 2023-NQM6, Class A1, 6.52%, 07/25/63
 
708
707,477
Series 2024-NQM17, Class A1, 5.61%, 11/25/64(b)
 
772
774,152
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%,
10/25/59(a)(b)
 
1,449
1,449,034
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%,
06/25/58(a)
 
600
598,515
Provident Funding Mortgage Trust, Series 2024-1,
Class A1, 5.50%, 12/25/54(a)(b)
 
1,130
1,124,384
Radian Mortgage Capital Trust, Series 2024-J2,
Class A4, 5.50%, 03/25/55(a)(b)
 
370
369,340
Residential Asset Securitization Trust, Series 2006-A8,
Class 2A5, (1 mo. Term SOFR + 0.71%), 4.36%,
08/25/36(b)
 
6,254
1,105,415
Sequoia Mortgage Trust, Series 2024-INV1, Class A3,
5.50%, 10/25/54(a)(b)
 
591
588,927
Spruce Hill Mortgage Loan Trust, Series 2022-SH1,
Class A1A, 4.10%, 07/25/57(a)
 
519
511,927
STAR Trust, Series 2021-1, Class M1, 2.36%,
05/25/65(a)(b)
 
1,750
1,566,587
Starwood Mortgage Residential Trust, Series 2020-3,
Class M1, 3.54%, 04/25/65(a)(b)
 
1,057
944,220
Towd Point Mortgage Trust, Series 2017-4, Class A1,
2.75%, 06/25/57(a)(b)
 
9
8,901
Verus Securitization Trust(a)
 
Series 2022-3, Class A1, 5.13%, 02/25/67
 
344
327,092
Series 2024-8, Class A1, 5.36%, 10/25/69(b)
 
1,162
1,161,153
Series 2024-R1, Class A1, 5.22%, 09/25/69(b)
 
1,288
1,285,009
Series 2025-11, Class M1, 5.66%, 11/25/70(b)
 
900
888,211
Visio Trust, Series 2023-2, Class A1, 6.60%,
10/25/58(a)
 
1,044
1,042,571
 
 
97,192,541
128
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities — 4.1%
Bank5, Series 2025-5YR17, Class B, 5.99%,
11/15/58(b)
USD
409
$ 417,666
Bayview Commercial Asset Trust, Series 2007-2A,
Class A1, (1 mo. Term SOFR + 0.52%), 4.17%,
07/25/37(a)(b)
 
835
785,004
BBCMS Mortgage Trust, Series 2025-C35, Class C,
6.32%, 07/15/58(b)
 
643
637,627
BFLD Commercial Mortgage Trust(a)(b)
 
Series 2024-UNIV, Class D, (1 mo. Term SOFR +
2.69%), 6.32%, 11/15/41
 
630
630,591
Series 2025-5MW, Class D, 6.58%, 10/10/42
 
968
980,159
Series 2025-660F, Class D, (1 mo. Term SOFR +
2.75%), 6.38%, 11/15/42
 
226
226,986
BHMS Commercial Mortgage Trust, Series 2025-ATLS,
Class A, (1 mo. Term SOFR + 1.85%), 5.48%,
08/15/42(a)(b)
 
435
436,684
BLP Commercial Mortgage Trust, Series 2024-INDS,
Class D, (1 mo. Term SOFR + 2.59%), 6.22%,
03/15/41(a)(b)
 
304
304,787
BMO Mortgage Trust, Series 2025-C13, Class A5,
5.35%, 10/15/58
 
1,972
2,005,361
BPR Commercial Mortgage Trust(a)(b)
 
Series 2024-PARK, Class D, 7.23%, 11/05/39
 
200
204,237
Series 2025-STAR, Class B, 5.56%, 11/05/42
 
420
414,068
BRCK Trust(a)(b)
 
Series 2025-830B, Class E, 7.51%, 12/10/42
 
135
134,147
Series 2025-830B, Class F, 8.40%, 12/10/42
 
120
119,175
BSTN Commercial Mortgage Trust, Series 2025-HUB,
Class A, 5.06%, 04/13/41(a)(b)
 
265
262,621
BX Commercial Mortgage Trust, Series 2024-MF,
Class C, (1 mo. Term SOFR + 1.94%), 5.57%,
02/15/39(a)(b)
 
452
452,570
BX Trust(a)(b)
 
Series 2024-BIO, Class C, (1 mo. Term SOFR +
2.64%), 6.27%, 02/15/41
 
240
238,500
Series 2024-CNYN, Class C, (1 mo. Term SOFR +
1.94%), 5.57%, 04/15/41
 
560
560,700
Series 2025-OMG, Class A, (1 mo. Term SOFR +
1.35%), 4.98%, 10/15/42
 
418
418,261
Series 2026-CIP, Class E, (1 mo. Term SOFR +
3.10%), 6.73%, 05/15/38
 
125
125,937
Century Plaza Towers, Series 2019-CPT, Class C,
3.10%, 11/13/39(a)(b)
 
250
226,610
CIP Commercial Mortgage Trust(a)(b)
 
Series 2025-SBAY, Class A, (1 mo. Term SOFR +
1.40%), 5.03%, 10/15/37
 
658
659,645
Series 2025-SBAY, Class E, (1 mo. Term SOFR +
3.75%), 7.38%, 10/15/37
 
375
376,038
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term
SOFR + 3.04%), 6.67%, 08/15/41(a)(b)
 
660
656,331
Cross 2026-NQM8 Mortgage Trust, 07/25/71(a)(c)
 
2,609
2,608,692
CSMC, Series 2021-BHAR, Class C, (1 mo. Term
SOFR + 2.11%), 5.74%, 11/15/38(a)(b)
 
270
266,561
CSTL Commercial Mortgage Trust(a)(b)
 
Series 2026-GATE3, Class D, 5.70%, 02/10/43
 
127
126,508
Series 2026-GATE3, Class E, 6.55%, 02/10/43
 
350
350,311
DBC Mortgage Trust, Series 2025-DBC, Class C,
(1 mo. Term SOFR + 2.05%), 5.68%, 11/15/42(a)(b)
 
1,628
1,633,087
DC Trust, Series 2024-HLTN, Class C, 7.29%,
04/13/40(a)(b)
 
220
217,766
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
DK Trust(a)(b)
 
Series 2025-LXP, Class B, (1 mo. Term SOFR +
1.84%), 5.48%, 08/15/37
USD
188
$ 188,294
Series 2025-LXP, Class C, (1 mo. Term SOFR +
2.24%), 5.88%, 08/15/37
 
202
202,379
Extended Stay America Trust, Series 2025-ESH,
Class B, (1 mo. Term SOFR + 1.60%), 5.23%,
10/15/42(a)(b)
 
1,685
1,690,750
FS ORL(a)(b)
 
Series 2026-ORL, Class B, (1 mo. Term SOFR +
1.55%), 5.18%, 02/15/41
 
501
501,626
Series 2026-ORL, Class E, (1 mo. Term SOFR +
3.25%), 6.88%, 02/15/41
 
225
225,276
GS Mortgage Securities Corp. Trust(a)(b)
 
Series 2025-800D, Class A, (1 mo. Term SOFR +
2.65%), 6.29%, 11/25/41
 
483
481,498
Series 2025-800D, Class B, (1 mo. Term SOFR +
3.45%), 7.09%, 11/25/41
 
500
498,594
LEX Trust(a)(b)
 
Series 2026-450, Class B, (1 mo. Term SOFR +
1.70%), 5.33%, 03/15/43
 
900
902,812
Series 2026-450, Class E, (1 mo. Term SOFR +
3.70%), 7.33%, 03/15/43
 
105
104,021
LQR Trust, Series 2025-CALI, Class E, (1 mo. Term
SOFR + 3.95%), 7.58%, 01/15/43(a)(b)
 
437
436,996
MAIN Trust(a)(b)
 
Series 2026-OLAS, Class E, (1 mo. Term SOFR +
4.25%), 7.88%, 01/15/41
 
195
194,998
Series 2026-OLAS, Class F, (1 mo. Term SOFR +
5.25%), 8.88%, 01/15/41
 
235
234,997
MCR Mortgage Trust, Series 2024-TWA, Class E,
8.73%, 06/12/39(a)
 
790
789,984
MF1 Trust, Series 2021-W10, Class A, (1 mo. Term
SOFR + 1.07%), 4.70%, 12/15/34(a)(b)
 
520
517,478
MIC Trust, Series 2023-MIC, Class B, 9.86%,
12/05/38(a)(b)
 
233
246,558
MLTI Trust, Series 2026-SF75, Class E, (1 mo. Term
SOFR + 3.25%), 6.88%, 03/15/36(a)(b)
 
150
150,281
National Commercial Mortgage Trust, Series 2026-
IND, Class C, (1 mo. Term SOFR + 1.75%), 5.38%,
06/15/43(a)(b)
 
560
560,874
NCMF Trust, Series 2025-MFS, Class E, 7.78%,
06/10/33(a)(b)
 
445
445,076
NRTH Commercial Mortgage Trust, Series 2025-
PARK, Class B, (1 mo. Term SOFR + 1.64%),
5.27%, 10/15/40(a)(b)
 
234
234,585
NYC Commercial Mortgage Trust, Series 2025-11X,
Class A, (1 mo. Term SOFR + 1.74%), 5.37%,
10/15/40(a)(b)
 
490
491,684
PRM8 Trust, Series 2026-PRM8, Class E, 6.53%,
05/10/41(a)(b)
 
135
132,724
SLG Office Trust(a)(b)
 
Series 2026-OMA, Class E, 7.19%, 04/15/41
 
145
144,971
Series 2026-OMA, Class F, 8.19%, 04/15/41
 
230
230,396
VEGAS, Series 2024-GCS, Class D, 6.42%,
07/10/36(a)(b)
 
572
570,078
Velocity Commercial Capital Loan Trust,
Series 2026-1, Class A, 5.10%, 02/25/56(a)(b)
 
386
380,562
VRTX Trust, Series 2025-HQ, Class B, 5.67%,
08/05/42(a)(b)
 
620
610,702
VTR Commercial Mortgage Trust, Series 2025-STEM,
Class D, 6.71%, 10/13/39(a)(b)
 
381
372,598
Schedule of Investments
129
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust
 
Series 2016-LC25, Class A4, 3.64%, 12/15/59
USD
1,600
$ 1,593,926
Series 2024-BPRC, Class D, 7.08%, 07/15/43(a)
 
250
247,586
Series 2025-C65, Class A5, 5.29%, 10/15/58
 
1,315
1,332,528
 
 
31,191,462
Total Non-Agency Mortgage-Backed Securities — 16.9%
(Cost: $144,440,950)
128,384,003
Preferred Securities
Capital Trusts — 7.0%(b)
Banks — 1.1%
Banco Mercantil del Norte SA, 8.00%(a)(l)
 
269
269,403
Bank of Montreal, 7.70%, 05/26/84(f)
 
3,000
3,138,153
Nordea Bank Abp, 3.75%(a)(l)
 
560
525,924
PNC Financial Services Group, Inc., Series W,
6.25%(f)(l)
 
4,000
4,088,984
 
 
8,022,464
Building Materials — 0.0%
Cemex SAB de C.V., 7.20%(a)(l)
 
200
208,240
Capital Markets(f) — 0.5%
Bank of New York Mellon Corp., Series I, 3.75%(l)
 
2,845
2,825,088
State Street Corp., 4.93%, 06/01/77
 
624
561,534
 
 
3,386,622
Electric Utilities — 1.2%
AES Andes SA, 8.15%, 06/10/55(a)
 
200
208,500
NextEra Energy Capital Holdings, Inc.(f)
 
5.65%, 05/01/79
 
4,500
4,489,454
Series CC, 6.63%, 10/01/66
 
3,085
3,132,500
PG&E Corp., 7.38%, 03/15/55
 
1,424
1,451,030
 
 
9,281,484
Financial Services — 3.7%
Bank of America Corp., Series OO, 6.63%(f)(l)
 
3,635
3,747,609
Barclays PLC, 4.38%(l)
 
2,250
2,184,252
BNP Paribas SA, 7.75%(a)(f)(l)
 
3,000
3,142,599
Citigroup, Inc., Series BB, 7.20%(f)(l)
 
2,500
2,572,337
Credit Agricole SA, 6.70%(a)(l)
 
3,000
3,007,599
Goldman Sachs Group, Inc., Series W, 7.50%(f)(l)
 
2,500
2,624,235
HSBC Holdings PLC(l)
 
4.70%
 
465
436,070
6.00%(f)
 
230
230,920
JPMorgan Chase & Co.
 
Series II, 6.47%(f)(l)
 
4,000
4,010,972
Series U, 4.88%, 01/15/87
 
358
328,638
NatWest Group PLC, 8.13%(f)(l)
 
595
658,542
UBS Group AG, 9.25%(a)(f)(l)
 
4,700
5,429,214
 
 
28,372,987
Hotels, Restaurants & Leisure — 0.0%
Gohl Capital Holdings Ltd., 7.63%(h)(l)
 
284
274,415
Multi-Utilities — 0.1%
Promigas SA ESP/Gases del Pacifico SAC, 7.75%,
06/24/56(a)
 
535
544,162
Security
 
Par
(000)
Value
Pharmaceuticals — 0.4%
CVS Health Corp.
 
6.75%, 12/10/54
USD
635
$ 661,569
7.00%, 03/10/55(f)
 
2,605
2,704,516
 
 
3,366,085
 
53,456,459
 
 
 
 
Shares
 
Preferred Stocks — 0.4%(e)
Capital Markets — 0.4%
Morgan Stanley, Series F, 6.88%(l)
 
100,000
2,510,000
Financial Services — 0.0%
Labels Buyer LLC, 12.00%
 
270
221,400
IT Services — 0.0%
Veritas Newco
 
Series G, 12/31/49
 
842
16,840
Series G-1, 12/31/49
 
582
11,349
 
 
28,189
 
2,759,589
Total Preferred Securities — 7.4%
(Cost: $55,671,280)
56,216,048
 
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 1.6%
Fannie Mae REMICS
 
Series 2025-2, Class FG, (30-day Avg SOFR +
1.45%), 5.08%, 02/25/55(b)
USD
120
120,872
Series 2025-35, Class FJ, (30-day Avg SOFR +
1.60%), 5.23%, 05/25/55(b)
 
148
151,326
Series 2025-74, Class AT, 5.00%, 09/25/55
 
3,155
3,129,054
Series 5209, Class EQ, 3.00%, 04/25/52
 
1,340
1,013,211
Freddie Mac REMICS, Series 5471, Class FM, (30-day
Avg SOFR + 1.40%), 5.03%, 11/25/54(b)
 
418
421,955
Ginnie Mae
 
Series 2017-136, Class GB, 3.00%, 03/20/47
 
407
387,109
Series 2022-45, Class ZA, 4.50%, 06/20/50
 
7,759
6,938,157
 
 
12,161,684
Interest Only Collateralized Mortgage Obligations — 0.5%
Fannie Mae REMICS, Series 5112, Class KI, 3.50%,
06/25/51
 
4,295
784,340
Ginnie Mae
 
Series 2019-151, Class IA, 3.50%, 12/20/49
 
8,125
1,471,355
Series 2020-151, Class MI, 2.50%, 10/20/50
 
5,381
790,480
Series 2021-175, Class IE, 4.00%, 09/20/47
 
3,910
831,938
 
 
3,878,113
Mortgage-Backed Securities(f) — 18.4%
Freddie Mac Mortgage-Backed Securities
 
2.50%, 09/01/32
 
1,569
1,496,008
4.00%, 05/01/39
 
2,537
2,457,454
Ginnie Mae Mortgage-Backed Securities
 
5.50%, 07/20/55
 
258
263,182
130
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities (continued)
 
6.00%, 07/20/55 - 11/20/55
USD
704
$ 726,228
6.50%, 11/20/55
 
181
189,397
Uniform Mortgage-Backed Securities
 
2.00%, 08/01/31 - 09/01/35
 
6,194
5,695,078
2.50%, 12/01/31
 
436
417,776
1.50%, 01/01/36 - 06/01/36
 
5,281
4,727,959
3.50%, 09/01/42 - 06/01/49
 
14,702
13,673,221
4.50%, 06/01/44 - 05/01/53
 
9,025
8,787,496
5.00%, 11/01/44 - 06/01/56
 
21,946
21,757,987
4.00%, 05/01/52
 
22,723
21,559,427
6.50%, 01/01/54
 
3,231
3,384,189
5.50%, 08/01/54 - 07/13/56(q)
 
54,116
54,543,005
 
 
139,678,407
Total U.S. Government Sponsored Agency Securities — 20.5%
(Cost: $155,568,651)
155,718,204
U.S. Treasury Obligations
U.S. Treasury Bonds
 
3.25%, 05/15/42
 
4,000
3,293,438
5.00%, 05/15/46(f)
 
5,200
5,239,000
2.38%, 05/15/51
 
1,800
1,125,703
U.S. Treasury Notes
 
4.25%, 05/31/33
 
1,000
996,250
4.38%, 05/15/36
 
2,700
2,685,656
Total U.S. Treasury Obligations — 1.8%
(Cost: $13,339,888)
13,340,047
 
 
 
 
Shares
 
Warrants
Financial Services — 0.0%
Labels Buyer LLC(e)
 
236
590
Total Warrants — 0.0%
(Cost: $ — )
590
Total Long-Term Investments — 156.5%
(Cost: $1,211,845,838)
1,187,773,472
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.54%(r)(s)
 
5,881,765
$     5,881,765
Total Short-Term Securities — 0.8%
(Cost: $5,881,765)
5,881,765
Total Investments — 157.3%
(Cost: $1,217,727,603)
1,193,655,237
Liabilities in Excess of Other Assets — (57.3)%
(434,912,899
)
Net Assets — 100.0%
$   758,742,338
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
When-issued security.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Non-income producing security.
(f)
All or a portion of the security has been pledged as collateral in connection with
outstanding reverse repurchase agreements.
(g)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(h)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(i)
Convertible security.
(j)
Zero-coupon bond.
(k)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $2,485,596, representing 0.3% of its net assets as of
period end, and an original cost of $2,486,583.
(l)
Perpetual security with no stated maturity date.
(m)
Issuer filed for bankruptcy and/or is in default.
(n)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(o)
Rounds to less than 1,000.
(p)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(q)
Represents or includes a TBA transaction.
(r)
Affiliate of the Fund.
(s)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 5,027,827
$ 853,938
(a)
$ —
$ —
$ —
$ 5,881,765
5,881,765
$ 119,227
$ —
 
(a)
Represents net amount purchased (sold).
Schedule of Investments
131
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Reverse Repurchase Agreements 
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
HSBC Securities (USA), Inc.
3.77
%(b)
10/08/25
Open
$ 601,776
$ 618,979
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
10/08/25
Open
577,500
594,009
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
10/08/25
Open
588,875
605,709
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
10/08/25
Open
357,000
367,205
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
10/08/25
Open
545,985
561,593
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
12/18/25
Open
716,625
731,259
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
12/18/25
Open
789,375
805,495
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
12/18/25
Open
563,500
575,007
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
12/18/25
Open
596,250
608,426
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
12/18/25
Open
3,003,750
3,005,637
Corporate Bonds
Open/Demand
Banco Santander SA
3.75
(b)
01/29/26
Open
307,253
307,253
Foreign Agency Obligations
Open/Demand
Barclays Bank PLC
3.74
(b)
01/29/26
Open
675,000
675,000
Corporate Bonds
Open/Demand
Banco Santander SA
3.85
(b)
03/02/26
Open
180,428
182,762
Foreign Agency Obligations
Open/Demand
Goldman Sachs & Co. LLC
3.60
(b)
04/08/26
Open
140,044
141,220
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.78
(b)
04/08/26
Open
510,180
514,680
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.78
(b)
04/08/26
Open
1,056,250
1,065,566
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.78
(b)
04/08/26
Open
554,750
559,643
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.78
(b)
04/08/26
Open
481,622
485,870
Foreign Agency Obligations
Open/Demand
HSBC Securities (USA), Inc.
3.78
(b)
04/08/26
Open
627,309
632,841
Capital Trusts
Open/Demand
HSBC Securities (USA), Inc.
3.78
(b)
04/08/26
Open
516,360
520,914
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/08/26
Open
2,083,867
2,102,733
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/08/26
Open
1,846,185
1,862,899
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/08/26
Open
2,393,750
2,415,421
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
04/08/26
Open
2,321,875
2,342,896
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/17/26
Open
478,843
482,704
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/17/26
Open
1,302,702
1,313,206
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.80
(b)
04/27/26
Open
3,910,000
3,936,827
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.80
(b)
04/27/26
Open
3,635,000
3,659,940
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.80
(b)
04/27/26
Open
2,677,856
2,696,229
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.81
(b)
04/27/26
Open
876,015
882,041
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.81
(b)
04/27/26
Open
2,126,250
2,140,877
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.81
(b)
04/27/26
Open
2,932,500
2,952,673
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
970,925
977,692
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
2,464,946
2,482,126
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
3,715,000
3,740,891
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
04/27/26
Open
2,767,500
2,786,788
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
2,455,680
2,472,839
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
516,350
519,855
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/27/26
Open
2,287,500
2,303,484
Corporate Bonds
Open/Demand
Morgan Stanley & Co. LLC
3.80
(b)
04/29/26
Open
841,995
847,594
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
04/29/26
Open
888,023
894,037
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
05/06/26
Open
2,474,931
2,489,791
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
05/06/26
Open
2,586,600
2,602,212
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
05/14/26
Open
831,600
835,891
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
05/14/26
Open
3,375,125
3,392,586
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
05/15/26
Open
1,060,510
1,065,910
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
05/29/26
Open
947,864
951,218
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.79
(b)
06/04/26
Open
612,000
613,740
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
3.57
(b)
06/08/26
Open
138,536
138,852
Foreign Agency Obligations
Open/Demand
Nomura Securities International, Inc.
3.60
(b)
06/08/26
Open
168,467
168,855
Foreign Agency Obligations
Open/Demand
TD Securities (USA) LLC
3.80
(b)
06/08/26
Open
141,923
142,267
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.80
(b)
06/08/26
Open
890,663
892,825
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.82
(b)
06/08/26
Open
587,350
588,783
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.83
(b)
06/08/26
Open
891,480
893,661
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
139,834
140,178
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
564,405
565,793
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
664,780
666,415
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
381,716
382,655
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/08/26
Open
222,720
223,268
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,425,682
1,429,235
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,591,654
1,595,620
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
518,035
519,326
Corporate Bonds
Open/Demand
132
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
TD Securities (USA) LLC
3.93
%(b)
06/08/26
Open
$ 1,666,850
$ 1,671,003
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
528,878
530,196
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,889,550
1,894,258
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,781,794
1,786,233
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,652,490
1,656,607
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
774,578
776,507
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,410,915
1,414,431
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
2,008,545
2,013,550
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
531,259
532,582
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
2,666,867
2,673,512
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,441,640
1,445,232
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
2,735,208
2,742,023
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/08/26
Open
1,656,000
1,660,126
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/09/26
Open
757,328
759,133
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/09/26
Open
2,428,195
2,434,027
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/09/26
Open
1,800,303
1,804,626
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/09/26
Open
1,887,220
1,891,672
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
158,941
159,271
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
95,961
96,160
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
20,811,838
20,855,080
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
5,812,074
5,824,150
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
3,629,326
3,636,867
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
404,860
405,701
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
1,352,663
1,355,474
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
393,193
394,010
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
4,307,248
4,316,197
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
1,449,451
1,452,463
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
3,864,910
3,872,941
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
7,261,404
7,276,491
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
2,374,852
2,379,786
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
22,313,106
22,359,468
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
139,985
140,276
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
7,490,161
7,505,724
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
5,262,834
5,273,769
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
6,996,236
7,010,773
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
8,548,407
8,566,168
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
7,291,877
7,307,028
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
4,638,666
4,648,305
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
184,801
185,185
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Schedule of Investments
133
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
RBC Capital Markets, LLC
3.74
% 
06/10/26
07/13/26
$ 3,289,375
$ 3,296,210
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
4,614,053
4,623,640
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
270,020
270,581
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
4,250,104
4,258,935
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
2,141,750
2,146,200
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
170,533
170,888
U.S. Government Sponsored
Agency Securities
Up to 30 Days
RBC Capital Markets, LLC
3.74
06/10/26
07/13/26
876,608
878,429
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Citigroup Global Markets, Inc.
(0.50
)(b)
06/10/26
Open
678,170
678,368
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.85
(b)
06/11/26
Open
1,009,871
1,012,031
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/11/26
Open
1,357,186
1,360,097
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/11/26
Open
958,640
960,696
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/11/26
Open
1,298,600
1,301,385
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/11/26
Open
1,102,620
1,104,985
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/11/26
Open
227,205
227,693
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/11/26
Open
636,525
637,894
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.87
(b)
06/11/26
Open
2,083,690
2,088,170
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
2,353,125
2,358,197
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
1,252,032
1,254,731
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
2,561,310
2,566,831
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/11/26
Open
1,889,062
1,893,134
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
06/11/26
Open
3,548,642
3,556,331
Corporate Bonds
Open/Demand
Morgan Stanley & Co. LLC
3.65
06/12/26
07/09/26
363,545
364,245
Corporate Bonds
Up to 30 Days
Morgan Stanley & Co. LLC
3.75
06/12/26
07/09/26
739,375
740,838
Corporate Bonds
Up to 30 Days
Morgan Stanley & Co. LLC
3.75
06/12/26
07/09/26
934,830
936,680
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
(b)
06/12/26
Open
2,447,782
2,452,614
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
06/17/26
Open
701,119
702,147
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
3.77
(b)
06/17/26
Open
1,076,250
1,077,828
Corporate Bonds
Open/Demand
Morgan Stanley & Co. LLC
3.50
(b)
06/17/26
Open
1,573,000
1,575,141
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/17/26
Open
1,637,966
1,640,444
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/17/26
Open
1,599,797
1,602,218
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
06/17/26
Open
1,369,900
1,371,972
Corporate Bonds
Open/Demand
J.P. Morgan Securities LLC
3.65
06/22/26
07/31/26
1,115,839
1,116,857
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.70
06/22/26
07/31/26
396,611
396,978
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.70
06/22/26
07/31/26
2,351,025
2,353,200
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/22/26
07/31/26
2,175,400
2,177,439
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/22/26
07/31/26
470,000
470,441
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/22/26
07/31/26
2,237,812
2,239,910
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.75
06/22/26
07/31/26
1,370,325
1,371,610
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.80
06/22/26
07/31/26
1,383,060
1,384,374
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.80
06/22/26
07/31/26
1,397,250
1,398,577
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.80
06/22/26
07/31/26
1,422,750
1,424,102
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.80
06/22/26
07/31/26
1,575,334
1,576,830
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.80
06/22/26
07/31/26
1,928,125
1,929,957
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.83
06/22/26
07/31/26
984,668
985,610
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.83
06/22/26
07/31/26
1,705,088
1,706,721
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.83
06/22/26
07/31/26
2,064,462
2,066,439
Capital Trusts
Up to 30 Days
J.P. Morgan Securities LLC
3.87
06/22/26
07/31/26
2,089,171
2,091,192
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.64
06/25/26
07/07/26
896,535
897,079
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.78
06/25/26
07/07/26
1,068,000
1,068,673
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.79
06/25/26
07/07/26
1,955,000
1,956,235
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.79
06/25/26
07/07/26
922,500
923,083
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.79
06/25/26
07/07/26
1,867,500
1,868,680
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.83
06/25/26
07/07/26
1,231,875
1,232,661
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.85
06/25/26
07/07/26
587,466
587,843
Foreign Agency Obligations
Up to 30 Days
BNP Paribas SA
3.87
06/25/26
07/07/26
1,263,947
1,264,763
Corporate Bonds
Up to 30 Days
134
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
BNP Paribas SA
3.87
% 
06/25/26
07/07/26
$ 2,382,100
$ 2,383,636
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
2,032,625
2,033,939
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
921,063
921,658
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
1,842,094
1,843,285
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.88
06/25/26
07/07/26
832,370
832,908
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/25/26
07/07/26
1,174,395
1,175,156
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/25/26
07/07/26
2,356,362
2,357,890
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/25/26
07/07/26
844,245
844,792
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/25/26
07/07/26
2,822,316
2,824,146
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/25/26
07/07/26
2,297,790
2,299,280
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
2,758,335
2,760,128
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
639,855
640,271
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
2,872,000
2,873,867
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
452,619
452,913
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
632,790
633,201
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
815,775
816,305
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
1,842,236
1,843,434
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/25/26
07/07/26
698,700
699,154
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.95
06/25/26
07/07/26
2,316,974
2,318,500
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
2.75
06/25/26
09/14/26
973,175
973,621
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.40
06/25/26
09/14/26
339,184
339,376
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.45
06/25/26
09/14/26
1,119,156
1,119,800
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.45
06/25/26
09/14/26
164,318
164,412
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
207,480
207,604
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
840,360
840,864
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
59,719
59,755
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
192,003
192,118
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
1,266,064
1,266,823
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
805,695
806,178
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
689,838
690,251
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
09/14/26
339,900
340,104
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.60
06/25/26
Open
320,219
320,219
Corporate Bonds
31-90 Days
BofA Securities, Inc.
3.65
06/25/26
09/14/26
703,421
703,849
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.65
06/25/26
09/14/26
626,453
626,834
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.65
06/25/26
09/14/26
70,204
70,246
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.65
06/25/26
09/14/26
1,080,984
1,081,641
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.65
06/25/26
09/14/26
539,963
540,291
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.65
06/25/26
09/14/26
1,459,937
1,460,826
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
732,594
733,046
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
103,435
103,499
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
31,395
31,414
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
475,404
475,697
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
763,823
764,294
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/25/26
09/14/26
475,160
475,453
Foreign Agency Obligations
31 - 90 Days
BofA Securities, Inc.
3.75
06/25/26
09/14/26
723,290
723,742
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.77
06/25/26
Open
3,003,750
3,065,089
Capital Trusts
31 - 90 Days
BofA Securities, Inc.
3.77
06/25/26
09/14/26
4,297,500
4,300,200
Capital Trusts
31 - 90 Days
BofA Securities, Inc.
3.78
06/25/26
09/14/26
1,925,000
1,926,213
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.79
06/25/26
09/14/26
1,905,000
1,906,203
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.79
06/25/26
09/14/26
1,011,500
1,012,139
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/25/26
09/14/26
1,272,375
1,273,191
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.85
06/25/26
09/14/26
794,690
795,200
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.90
06/25/26
09/14/26
59,573
59,611
Corporate Bonds
31 - 90 Days
BNP Paribas SA
3.80
06/26/26
07/07/26
116,325
116,386
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/26/26
07/07/26
699,118
699,496
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.89
06/26/26
07/07/26
724,723
725,114
Corporate Bonds
Up to 30 Days
BNP Paribas SA
3.90
06/26/26
07/07/26
547,215
547,511
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.55
06/26/26
07/24/26
253,313
253,437
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.65
06/26/26
07/24/26
129,539
129,605
Foreign Agency Obligations
Up to 30 Days
Barclays Bank PLC
3.69
06/26/26
07/24/26
427,323
427,542
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.70
06/26/26
07/24/26
213,525
213,635
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
524,790
525,063
Corporate Bonds
Up to 30 Days
Schedule of Investments
135
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
Barclays Bank PLC
3.74
% 
06/26/26
07/24/26
$ 3,780,000
$ 3,781,964
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
652,000
652,339
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
818,750
819,175
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
4,096,990
4,099,118
Capital Trusts
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
557,200
557,489
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
1,345,500
1,346,199
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
1,472,737
1,473,503
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
1,448,325
1,449,077
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
1,799,725
1,800,660
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
466,875
467,118
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
393,000
393,204
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
915,000
915,475
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.74
06/26/26
07/24/26
526,875
527,149
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.85
06/26/26
07/24/26
1,702,290
1,703,200
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.85
06/26/26
07/24/26
1,872,000
1,873,001
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.85
06/26/26
07/24/26
3,075,901
3,077,546
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
1,378,004
1,378,751
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
593,381
593,703
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
268,613
268,758
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
482,670
482,931
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
868,805
869,276
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
1,857,100
1,858,106
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
854,205
854,668
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
1,111,628
1,112,230
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
739,306
739,707
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
1,732,400
1,733,338
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/26/26
07/24/26
2,421,000
2,422,311
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.74
06/26/26
07/24/26
2,281,250
2,282,435
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.85
06/26/26
07/24/26
1,741,384
1,742,315
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.85
06/26/26
07/24/26
1,594,889
1,595,742
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
2,510,032
2,511,391
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
1,699,809
1,700,729
Corporate Bonds
Up to 30 Days
Barclays Capital, Inc.
3.90
06/26/26
07/24/26
2,060,110
2,061,226
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
3.86
06/26/26
07/31/26
1,770,000
1,770,949
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
3.65
06/26/26
09/14/26
644,929
645,256
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
3.70
06/26/26
09/14/26
1,018,850
1,019,374
Corporate Bonds
31 - 90 Days
Barclays Capital, Inc.
3.90
(b)
06/26/26
Open
1,934,251
1,935,299
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.80
(b)
06/26/26
Open
364,388
364,580
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/26/26
Open
1,201,429
1,202,085
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
3.93
(b)
06/26/26
Open
1,397,790
1,398,553
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.86
(b)
06/26/26
Open
1,992,076
1,993,144
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.88
(b)
06/26/26
Open
2,828,750
2,830,274
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/26/26
Open
1,479,382
1,480,182
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/26/26
Open
1,202,000
1,202,649
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.89
(b)
06/26/26
Open
2,815,062
2,816,583
Capital Trusts
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
06/26/26
Open
1,895,400
1,896,427
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
3.90
(b)
06/26/26
Open
876,348
876,823
Corporate Bonds
Open/Demand
Barclays Bank PLC
3.90
06/30/26
07/24/26
2,967,135
2,967,456
Corporate Bonds
Up to 30 Days
Barclays Bank PLC
3.90
06/30/26
07/24/26
1,581,255
1,581,426
Corporate Bonds
Up to 30 Days
RBC Capital Markets, LLC
3.79
(b)
06/30/26
Open
331,976
332,011
Corporate Bonds
Open/Demand
 
 
 
$ 441,933,163
$ 443,076,673
 
 
 
(a)
Certain agreements have no stated maturity and can be terminated by either party at any time.
(b)
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.
136
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
2-Year U.S. Treasury Note
2,380
09/30/26
$ 490,485
$ (236,474
)
5-Year U.S. Treasury Note
19
09/30/26
2,032
(3,168
)
 
(239,642
)
Short Contracts 
10-Year U.S. Treasury Note
1,035
09/21/26
113,591
(740,572
)
10-Year U.S. Ultra Long Treasury Note
419
09/21/26
47,046
(240,817
)
U.S. Long Bond
551
09/21/26
62,297
(1,049,338
)
Ultra U.S. Treasury Bond
184
09/21/26
21,269
(329,223
)
 
(2,359,950
)
 
$ (2,599,592
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
148,001
EUR
125,000
BNP Paribas SA
07/16/26
$ 5,095
USD
159,840
EUR
134,993
BNP Paribas SA
07/16/26
5,510
USD
167,614
EUR
141,558
BNP Paribas SA
07/16/26
5,778
USD
170,709
EUR
144,179
BNP Paribas SA
07/16/26
5,877
USD
171,494
EUR
144,833
BNP Paribas SA
07/16/26
5,914
USD
182,542
EUR
154,162
BNP Paribas SA
07/16/26
6,297
USD
242,536
EUR
204,834
BNP Paribas SA
07/16/26
8,360
USD
251,268
EUR
212,212
BNP Paribas SA
07/16/26
8,657
USD
251,311
EUR
212,250
BNP Paribas SA
07/16/26
8,656
USD
267,121
EUR
225,595
BNP Paribas SA
07/16/26
9,210
USD
293,162
EUR
247,584
BNP Paribas SA
07/16/26
10,112
USD
343,727
EUR
290,295
BNP Paribas SA
07/16/26
11,848
USD
364,797
EUR
308,084
BNP Paribas SA
07/16/26
12,580
USD
1,717,268
EUR
1,450,357
BNP Paribas SA
07/16/26
59,152
USD
175,795
EUR
148,573
Credit Agricole Corporate and Investment Bank
07/16/26
5,939
USD
232,849
EUR
198,706
Deutsche Bank AG
07/16/26
5,679
USD
363,410
EUR
311,933
Goldman Sachs International
07/16/26
6,794
USD
116,990
EUR
98,991
State Street Bank and Trust Co.
07/16/26
3,819
USD
118,178
EUR
101,508
State Street Bank and Trust Co.
07/16/26
2,129
USD
118,253
EUR
101,573
State Street Bank and Trust Co.
07/16/26
2,130
USD
118,324
EUR
100,119
State Street Bank and Trust Co.
07/16/26
3,863
USD
118,604
EUR
100,357
State Street Bank and Trust Co.
07/16/26
3,872
USD
120,500
EUR
103,503
State Street Bank and Trust Co.
07/16/26
2,171
USD
124,114
EUR
106,607
State Street Bank and Trust Co.
07/16/26
2,236
USD
124,178
EUR
106,662
State Street Bank and Trust Co.
07/16/26
2,237
USD
129,813
EUR
111,502
State Street Bank and Trust Co.
07/16/26
2,338
USD
169,775
EUR
143,654
State Street Bank and Trust Co.
07/16/26
5,543
USD
176,796
EUR
149,595
State Street Bank and Trust Co.
07/16/26
5,772
USD
303,912
EUR
257,153
State Street Bank and Trust Co.
07/16/26
9,922
USD
348,782
EUR
299,585
State Street Bank and Trust Co.
07/16/26
6,283
USD
395,987
EUR
335,063
State Street Bank and Trust Co.
07/16/26
12,928
USD
595,845
EUR
511,000
Wells Fargo Bank N.A.
09/16/26
10,130
USD
28,186
GBP
21,000
UBS AG
09/16/26
330
 
 
 
 
 
 
257,161
EUR
297
USD
352
HSBC Bank PLC
07/16/26
(12
)
Schedule of Investments
137
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Forward Foreign Currency Exchange Contracts (continued)
Currency
Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
EUR
4,072
USD
4,822
HSBC Bank PLC
07/16/26
$ (166
)
USD
263,555
EUR
231,000
JPMorgan Chase Bank N.A.
09/16/26
(1,221
)
 
 
 
 
 
 
(1,399
)
 
$ 255,762
Centrally Cleared Credit Default Swaps — Buy Protection 
Reference Obligation/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.46.V2
5.00
% 
Quarterly
06/20/31
USD
8,478
$ (695,825
)
$ (684,004
)
$ (11,821
)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.46.V1
1.00
% 
Quarterly
06/20/31
BBB+
USD
10
$ 223
$ 222
$ 1
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Credit Default Swaps — Buy Protection 
Reference Obligations/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.7
3.00
% 
Monthly
Deutsche Bank AG
01/17/47
USD
8,083
$ 839,672
$ 481,862
$ 357,810
OTC Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.7
3.00
% 
Monthly
Barclays Bank PLC
01/17/47
D
USD
3,233
$ (335,869
)
$ (134,921
)
$ (200,948
)
CMBX.NA.7
3.00
Monthly
Barclays Bank PLC
01/17/47
D
USD
1,617
(167,935
)
(67,383
)
(100,552
)
CMBX.NA.7
3.00
Monthly
Barclays Bank PLC
01/17/47
D
USD
3,233
(335,869
)
(66,666
)
(269,203
)
 
 
 
 
 
 
$ (839,673
)
$ (268,970
)
$ (570,703
)
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps 
Description

Premiums
Paid

Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally Cleared Swaps(a)
$ 222
$ (684,004
)
$ 1
$ (11,821
)
OTC Swaps
481,862
(268,970
)
357,810
(570,703
)
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the
Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
138
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
$ —
$ —
$ —
$ 257,161
$ —
$ —
$ 257,161
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
—
1
—
—
—
—
1
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
—
839,672
—
—
—
—
839,672
 
$ —
$ 839,673
$ —
$ 257,161
$ —
$ —
$ 1,096,834
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ —
$ —
$ 2,599,592
$ —
$ 2,599,592
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
1,399
—
—
1,399
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)
—
11,821
—
—
—
—
11,821
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
—
839,673
—
—
—
—
839,673
 
$ —
$ 851,494
$ —
$ 1,399
$ 2,599,592
$ —
$ 3,452,485
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2026, the effect of derivative financial instruments in the Statement of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ —
$ —
$ 65,896
$ —
$ 65,896
Forward foreign currency exchange contracts
—
—
—
47,598
—
—
47,598
Swaps
—
15,838
—
—
—
—
15,838
 
$ —
$ 15,838
$ —
$ 47,598
$ 65,896
$ —
$ 129,332
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ —
$ —
$ (3,649,833
)
$ —
$ (3,649,833
)
Forward foreign currency exchange contracts
—
—
—
270,623
—
—
270,623
Swaps
—
79,123
—
—
—
—
79,123
 
$ —
$ 79,123
$ —
$ 270,623
$ (3,649,833
)
$ —
$ (3,300,087
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$560,714,469
Average notional value of contracts — short
236,280,375
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
17,399,756
Average amounts sold — in USD
4,973
Credit default swaps:
Average notional value — buy protection
15,961,102
Average notional value — sell protection
13,563,169
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
139
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 1,539,203
$ 395,545
Forward foreign currency exchange contracts
257,161
1,399
Swaps — centrally cleared
5,359
—
Swaps — OTC(a)
839,672
839,673
Total derivative assets and liabilities in the Statement of Assets and Liabilities
2,641,395
1,236,617
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(1,544,562
)
(395,545
)
Total derivative assets and liabilities subject to an MNA
$ 1,096,833
$ 841,072
 
(a)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset
Non-Cash
Collateral
Received(a)
Cash
Collateral
Received(a)
Net Amount
of Derivative
Assets(b)(c)
BNP Paribas SA
$ 163,046
$ —
$ —
$ —
$ 163,046
Credit Agricole Corporate and Investment Bank
5,939
—
—
—
5,939
Deutsche Bank AG
845,351
—
—
(845,351
)
—
Goldman Sachs International
6,794
—
—
—
6,794
State Street Bank and Trust Co.
65,243
—
—
—
65,243
UBS AG
330
—
—
—
330
Wells Fargo Bank N.A.
10,130
—
—
—
10,130
 
$ 1,096,833
$ —
$ —
$ (845,351
)
$ 251,482
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset
Non-Cash
Collateral
Pledged(a)
Cash
Collateral
Pledged(a)
Net Amount
of Derivative
Liabilities(b)(d)
Barclays Bank PLC
$ 839,673
$ —
$ —
$ (750,000
)
$ 89,673
HSBC Bank PLC
178
—
—
—
178
JPMorgan Chase Bank N.A.
1,221
—
—
—
1,221
 
$ 841,072
$ —
$ —
$ (750,000
)
$ 91,072
 
(a)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount represents the net amount payable due to the counterparty in the event of default. 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 72,738,224
$ 1,098,900
$ 73,837,124
Common Stocks
—
14,326
64,165
78,491
140
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Corporate Bonds
$ —
$ 722,616,293
$ 676,000
$ 723,292,293
Floating Rate Loan Interests
—
1,885,807
348,903
2,234,710
Foreign Agency Obligations
—
29,965,942
—
29,965,942
Municipal Bonds
—
4,706,020
—
4,706,020
Non-Agency Mortgage-Backed Securities
—
128,384,003
—
128,384,003
Preferred Securities
Capital Trusts
—
53,456,459
—
53,456,459
Preferred Stocks 
Capital Markets
2,510,000
—
—
2,510,000
Financial Services
—
221,400
—
221,400
IT Services
—
28,189
—
28,189
U.S. Government Sponsored Agency Securities
—
155,718,204
—
155,718,204
U.S. Treasury Obligations
—
13,340,047
—
13,340,047
Warrants
—
590
—
590
Short-Term Securities 
Money Market Funds
5,881,765
—
—
5,881,765
 
$8,391,765
$1,183,075,504
$2,187,968
$1,193,655,237
Derivative Financial Instruments(a)
Assets 
Credit Contracts
$ —
$ 357,811
$ —
$ 357,811
Foreign Currency Exchange Contracts
—
257,161
—
257,161
Liabilities 
Credit Contracts
—
(582,524
)
—
(582,524
)
Foreign Currency Exchange Contracts
—
(1,399
)
—
(1,399
)
Interest Rate Contracts
(2,599,592
)
—
—
(2,599,592
)
 
$(2,599,592
)
$31,049
$—
$(2,568,543
)
 
(a)
Derivative financial instruments are futures contracts, forward foreign currency exchange contracts and options written. Futures contracts and forward foreign currency exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $443,076,673 are categorized as Level 2 within the fair value hierarchy.
Schedule of Investments
141
Statements of Assets and Liabilities (unaudited)
June 30, 2026
 
 
DSU
FRA
BKT
BLW
ASSETS
Investments, at value — unaffiliated(a)
$ 726,067,863
$ 511,553,688
$ 525,262,314
$ 805,482,445
Investments, at value — affiliated(b)
24,755,200
4,061,387
1,251,920
6,173,706
Cash
1,593,151
—
—
—
Cash pledged:
Collateral — reverse repurchase agreements
—
—
—
34,183
Futures contracts
159,000
49,000
824,000
2,054,470
Centrally cleared swaps
33,000
—
—
448,000
Foreign currency, at value(c)
18,203
1,053
—
635,633
Receivables:
Investments sold
6,817,615
6,358,023
—
4,217,477
Reverse repurchase agreements
—
—
—
1,249,183
TBA sale commitments
—
—
573,283
—
Capital shares sold
441,193
—
—
—
Dividends — unaffiliated
10,018
8,014
—
23,895
Dividends — affiliated
18,865
1,593
11,054
9,780
Interest — unaffiliated
6,012,696
3,205,668
3,678,228
9,154,050
Principal paydowns
—
—
—
13,562
Variation margin on futures contracts
39,922
12,344
144,216
267,375
Swap premiums paid
—
—
—
10,577
Unrealized appreciation on:
Forward foreign currency exchange contracts
37,894
3,410
—
302,724
OTC swaps
228,065
—
—
92,318
Unfunded floating rate loan interests
28,699
24,542
—
15,964
Deferred offering costs
203,312
214,807
280,695
136,382
Prepaid expenses
46,989
22,004
31,925
30,307
Total assets
766,511,685
525,515,533
532,057,635
830,352,031
LIABILITIES
Bank overdraft
—
113,612
78,120
175,336
Cash received as collateral for reverse repurchase agreements
—
—
—
294,183
TBA sale commitments, at value(d)
—
—
571,133
—
Reverse repurchase agreements, at value
—
—
128,535,066
281,234,674
Payables:
Investments purchased
32,747,891
26,948,344
44,340,720
27,386,090
Reverse repurchase agreements
—
—
—
1,726,281
Accounting services fees
27,326
23,272
17,244
30,626
Administration fees
—
—
44,062
—
Bank borrowings
110,000,000
94,000,000
—
—
Custodian fees
7,965
5,868
6,143
14,239
Income dividend distributions
—
147,994
154,707
148,486
Interest expense and fees
452,807
403,420
8,554
—
Investment advisory fees
321,693
306,574
190,694
418,848
Offering costs
—
35,466
—
26,282
Directors’ and Officer’s fees
272,383
5,608
144,923
366,827
Principal payups
—
—
993,948
—
Professional fees
69,708
58,018
28,459
57,544
Reorganization costs
—
—
161,540
—
Transfer agent fees
36,589
24,597
18,976
28,050
Variation margin on futures contracts
—
—
—
256,003
Variation margin on centrally cleared swaps
260
—
—
2,495
Swap premiums received
72,138
—
—
29,279
142
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2026
 
DSU
FRA
BKT
BLW
Unrealized depreciation on:
Forward foreign currency exchange contracts
$ —
$ —
$ —
$ 139
OTC swaps
—
—
—
871
Unfunded floating rate loan interests
29,881
24,675
—
10,967
Total liabilities
144,038,641
122,097,448
175,294,289
312,207,220
Commitments and contingent liabilities
NET ASSETS
$ 622,473,044
$ 403,418,085
$ 356,763,346
$ 518,144,811
NET ASSETS CONSIST OF
Paid-in capital(e)(f)(g)
$ 803,398,292
$ 507,365,893
$ 551,794,856
$ 643,907,716
Accumulated loss
(180,925,248)
(103,947,808)
(195,031,510)
(125,762,905)
NET ASSETS
$ 622,473,044
$ 403,418,085
$ 356,763,346
$ 518,144,811
Net asset value
$ 9.61
$ 11.38
$ 11.01
$ 13.25
(a) Investments, at cost—unaffiliated
$751,134,656
$526,890,089
$549,689,274
$813,978,307
(b) Investments, at cost—affiliated
$24,744,349
$4,061,187
$1,251,920
$6,173,706
(c) Foreign currency, at cost
$17,856
$1,061
$—
$667,159
(d) Proceeds from TBA sale commitments
$—
$—
$573,283
$—
(e) Shares outstanding
64,782,943
35,434,758
32,388,952
39,099,064
(f) Shares authorized
400 million
200 million
200 million
Unlimited
(g) Par value
$0.10
$0.10
$0.010
$0.001
See notes to financial statements.
Financial Statements
143
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2026
 
 
BIT
ASSETS
Investments, at value — unaffiliated(a)
$ 1,187,773,472
Investments, at value — affiliated(b)
5,881,765
Cash pledged:
Collateral — reverse repurchase agreements
533,000
Collateral — OTC derivatives
750,000
Futures contracts
6,395,400
Centrally cleared swaps
450,000
Foreign currency, at value(c)
927,386
Receivables:
Investments sold
3,439,926
Reverse repurchase agreements
1,936,062
Dividends — unaffiliated
43,446
Dividends — affiliated
22,512
Interest — unaffiliated
16,525,726
Variation margin on futures contracts
1,539,203
Variation margin on centrally cleared swaps
5,359
Swap premiums paid
481,862
Unrealized appreciation on:
Forward foreign currency exchange contracts
257,161
OTC swaps
357,810
Deferred offering costs
337,014
Prepaid expenses
52,359
Total assets
1,227,709,463
LIABILITIES
Bank overdraft
4,060,276
Cash received:
Collateral — reverse repurchase agreements
793,000
Collateral — OTC derivatives
1,270,000
Reverse repurchase agreements, at value
443,076,673
Payables:
Investments purchased
16,998,870
Accounting services fees
32,997
Custodian fees
15,331
Income dividend distributions
202,208
Investment advisory fees
856,933
Directors’ and Officer’s fees
149,594
Principal payups
122,449
Professional fees
120,110
Transfer agent fees
32,067
Variation margin on futures contracts
395,545
Swap premiums received
268,970
144
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2026
 
BIT
Unrealized depreciation on:
Forward foreign currency exchange contracts
$ 1,399
OTC swaps
570,703
Total liabilities
468,967,125
Commitments and contingent liabilities
NET ASSETS
$ 758,742,338
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)
$ 845,510,979
Accumulated loss
(86,768,641)
NET ASSETS
$ 758,742,338
Net asset value
$ 13.30
(a) Investments, at cost—unaffiliated
$1,211,845,838
(b) Investments, at cost—affiliated
$5,881,765
(c) Foreign currency, at cost
$951,097
(d) Shares outstanding
57,062,709
(e) Shares authorized
Unlimited
(f) Par value
$0.001
See notes to financial statements.
Financial Statements
145
Statements of Operations (unaudited)
Six Months Ended June 30, 2026
 
 
DSU
FRA
BKT
BLW
INVESTMENT INCOME
Dividends — unaffiliated
$966,469
$457,578
$—
$607,860
Dividends — affiliated
466,140
34,047
62,500
58,877
Interest — unaffiliated
22,941,369
16,691,520
10,881,146
26,727,186
Payment-in-kind interest — unaffiliated
313,731
322,755
—
311,489
Other income — unaffiliated
214,202
173,121
—
128,510
Total investment income
24,901,911
17,679,021
10,943,646
27,833,922
EXPENSES
Investment advisory
1,985,193
1,909,909
1,178,925
2,337,810
Offering
204,490
—
—
—
Professional
69,329
63,611
29,864
65,282
Accounting services
55,587
43,662
38,873
59,298
Transfer agent
32,276
19,021
34,870
27,867
Directors and Officer
24,665
11,764
15,016
28,096
Custodian
20,797
13,823
16,068
28,632
Registration
10,780
6,487
5,246
9,394
Printing and postage
8,286
10,475
8,831
20,854
Administration
—
—
272,060
—
Miscellaneous
29,259
16,674
27,612
30,543
Total expenses excluding interest expense
2,440,662
2,095,426
1,627,365
2,607,776
Interest expense and fees — unaffiliated
2,437,645
2,326,235
2,090,464
5,787,335
Total expenses
4,878,307
4,421,661
3,717,829
8,395,111
Less fees waived and/or reimbursed by the Manager
(39,568
)
(4,590
)
(1,371
)
(1,250
)
Total expenses after fees waived and/or reimbursed
4,838,739
4,417,071
3,716,458
8,393,861
Net investment income
20,063,172
13,261,950
7,227,188
19,440,061
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
(3,634,191
)
(4,301,301
)
(749,880
)
(2,221,055
)
Investments — affiliated
—
9,119
—
—
Borrowed bonds
—
—
137,473
—
Forward foreign currency exchange contracts
53,045
5,373
—
311,239
Foreign currency transactions
2,277
5,754
—
26,522
Futures contracts
272,419
66,563
(21,773
)
(3,391,963
)
Swaps
34,344
—
—
130,548
 
(3,272,106
)
(4,214,492
)
(634,180
)
(5,144,709
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
(12,165,604
)
(7,828,191
)
(5,172,382
)
(12,462,497
)
Investments — affiliated
(64,913
)
(9,769
)
—
—
Borrowed bonds
—
—
(137,690
)
—
Forward foreign currency exchange contracts
34,152
3,410
—
282,706
Foreign currency translations
(1,247
)
(5,021
)
—
(24,689
)
Futures contracts
(148,421
)
(43,528
)
(260,958
)
(772,177
)
Swaps
(263,614
)
—
—
(138,858
)
Unfunded floating rate loan interests
(13,000
)
(4,989
)
—
2,192
 
(12,622,647
)
(7,888,088
)
(5,571,030
)
(13,113,323
)
Net realized and unrealized loss
(15,894,753
)
(12,102,580
)
(6,205,210
)
(18,258,032
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$4,168,419
$1,159,370
$1,021,978
$1,182,029
See notes to financial statements.
146
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2026
 
 
BIT
INVESTMENT INCOME
Dividends — unaffiliated
$86,415
Dividends — affiliated
119,227
Interest — unaffiliated
37,487,420
Payment-in-kind interest — unaffiliated
323,064
Foreign taxes withheld
(1,828
)
Total investment income
38,014,298
EXPENSES
Investment advisory
4,720,441
Accounting services
73,659
Professional
72,150
Custodian
33,597
Transfer agent
32,425
Directors and Officer
27,617
Registration
13,663
Printing and postage
7,652
Miscellaneous
37,834
Total expenses excluding interest expense
5,019,038
Interest expense — unaffiliated
7,370,542
Total expenses
12,389,580
Less fees waived and/or reimbursed by the Manager
(2,588
)
Total expenses after fees waived and/or reimbursed
12,386,992
Net investment income
25,627,306
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Investments — unaffiliated
800,528
Forward foreign currency exchange contracts
47,598
Foreign currency transactions
151,669
Futures contracts
65,896
Swaps
15,838
 
1,081,529
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
(16,116,336
)
Forward foreign currency exchange contracts
270,623
Foreign currency translations
(17,415
)
Futures contracts
(3,649,833
)
Swaps
79,123
Unfunded floating rate loan interests
(3,206
)
 
(19,437,044
)
Net realized and unrealized loss
(18,355,515
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$7,271,791
See notes to financial statements.
Financial Statements
147
Statements of Changes in Net Assets
 
 
DSU
FRA
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$20,063,172
$42,408,682
$13,261,950
$32,242,547
Net realized loss
(3,272,106
)
(6,348,199
)
(4,214,492
)
(7,217,622
)
Net change in unrealized appreciation (depreciation)
(12,622,647
)
2,644,959
(7,888,088
)
(615,745
)
Net increase in net assets resulting from operations
4,168,419
38,705,442
1,159,370
24,409,180
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income
(37,619,115
)(b)
(42,394,719
)
(26,329,443
)(b)
(32,180,588
)
Return of capital
—
(25,068,150
)
—
(20,388,439
)
Decrease in net assets resulting from distributions to shareholders
(37,619,115
)
(67,462,869
)
(26,329,443
)
(52,569,027
)
CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares
24,224,190
106,993,712
—
—
Reinvestment of distributions
898,763
1,902,719
—
1,628,631
Net increase in net assets derived from capital share transactions
25,122,953
108,896,431
—
1,628,631
NET ASSETS
Total increase (decrease) in net assets
(8,327,743
)
80,139,004
(25,170,073
)
(26,531,216
)
Beginning of period
630,800,787
550,661,783
428,588,158
455,119,374
End of period
$622,473,044
$630,800,787
$403,418,085
$428,588,158
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
148
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Changes in Net Assets (continued)
 
 
BKT
BLW
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,227,188
$6,355,829
$19,440,061
$40,653,898
Net realized loss
(634,180
)
(2,326,803
)
(5,144,709
)
(3,137,414
)
Net change in unrealized appreciation (depreciation)
(5,571,030
)
20,772,435
(13,113,323
)
9,367,549
Net increase in net assets resulting from operations
1,021,978
24,801,461
1,182,029
46,884,033
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income
(17,140,233
)(b)
(10,481,755
)
(26,552,776
)(b)
(40,835,982
)
Return of capital
—
(15,867,369
)
—
(11,285,802
)
Decrease in net assets resulting from distributions to shareholders
(17,140,233
)
(26,349,124
)
(26,552,776
)
(52,121,784
)
CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares
—
—
—
32,187,100
Net proceeds from the issuance of shares due to reorganization
—
35,673,791
—
—
Proceeds from rights offering (Note 11)
—
87,126,281
—
—
Reinvestment of distributions
—
—
199,736
2,075,736
Redemption of shares due to reorganization
—
(341
)
—
—
Net increase in net assets derived from capital share transactions
—
122,799,731
199,736
34,262,836
NET ASSETS
Total increase (decrease) in net assets
(16,118,255
)
121,252,068
(25,171,011
)
29,025,085
Beginning of period
372,881,601
251,629,533
543,315,822
514,290,737
End of period
$356,763,346
$372,881,601
$518,144,811
$543,315,822
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
Financial Statements
149
Statements of Changes in Net Assets (continued)
 
 
BIT
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$25,627,306
$43,364,368
Net realized gain (loss)
1,081,529
(2,057,040
)
Net change in unrealized appreciation (depreciation)
(19,437,044
)
13,927,361
Net increase in net assets resulting from operations
7,271,791
55,234,689
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income
(42,351,943
)(b)
(42,280,987
)
Return of capital
—
(25,400,669
)
Decrease in net assets resulting from distributions to shareholders
(42,351,943
)
(67,681,656
)
CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares
—
41,322,413
Proceeds from rights offering (Note 11)
—
185,596,458
Reinvestment of distributions
—
1,494,688
Net increase in net assets derived from capital share transactions
—
228,413,559
NET ASSETS
Total increase (decrease) in net assets
(35,080,152
)
215,966,592
Beginning of period
793,822,490
577,855,898
End of period
$758,742,338
$793,822,490
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
150
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2026
 
 
DSU
FRA
BKT
BLW
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations
$4,168,419
$1,159,370
$1,021,978
$1,182,029
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for)
operating activities:
Proceeds from sales of long-term investments
150,844,492
127,169,401
490,361,815
233,964,977
Purchases of long-term investments
(147,962,031
)
(88,473,551
)
(526,922,564
)
(211,784,156
)
Net proceeds from sales (purchases) of short-term securities
(7,079,246
)
(2,297,226
)
409,149
(2,094,464
)
Amortization of premium and accretion of discount on investments and other fees
(566,124
)
(369,605
)
4,068,700
(967,560
)
Paid-in-kind income
(313,731
)
(322,755
)
—
(311,489
)
Payments for borrowed bonds
—
—
(704,874
)
—
Net realized loss on investments and borrowed bonds
3,643,308
4,297,694
630,152
2,236,764
Net unrealized (appreciation) depreciation on investments, swaps, borrowed bonds, forward foreign currency
exchange contracts, foreign currency translations and unfunded floating rate loan interests
12,478,367
7,844,560
5,310,072
12,383,612
(Increase) Decrease in Assets
Receivables
Dividends — affiliated
(18,577
)
(390
)
(5,696
)
(5,983
)
Dividends — unaffiliated
(10,018
)
(8,014
)
—
263
Interest — unaffiliated
398,923
274,322
(898,247
)
535,321
Variation margin on futures contracts
(27,391
)
(6,000
)
(97,935
)
(176,609
)
Variation margin on centrally cleared swaps
—
—
—
1,291
Swap premiums paid
—
—
—
(1,305
)
Prepaid expenses
(46,866
)
(21,912
)
(31,866
)
(24,653
)
Deferred offering costs.
(86,574
)
—
(23,940
)
—
Increase (Decrease) in Liabilities
Cash received
Payables
Accounting services fees
(7,854
)
(7,939
)
(4,580
)
(10,192
)
Administration fees
—
—
(3,643
)
—
Custodian fees
(4,675
)
(3,191
)
(1,993
)
(7,584
)
Interest expense and fees
(51,485
)
(115,183
)
59,917
(1,558,518
)
Investment advisory fees
(20,541
)
(43,106
)
(15,919
)
28,439
Directors’ and Officer’s fees
(26,895
)
5,381
(7,940
)
(20,849
)
Other accrued expenses
(1,183
)
(1,094
)
—
(2,347
)
Professional fees
(27,977
)
(39,962
)
(15,700
)
(33,947
)
Reorganization costs
—
—
(595
)
—
Transfer agent fees
10,682
5,975
11,421
11,672
Variation margin on futures contracts
—
—
(40,931
)
100,746
Variation margin on centrally cleared swaps
90
—
—
2,495
Swap premiums received
(118,963
)
—
—
(90,870
)
Net cash provided by (used for) operating activities
15,174,150
49,046,775
(26,903,219
)
33,357,083
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders
(36,720,352
)
(26,332,321
)
(17,082,847
)
(26,400,932
)
Payments for offering costs
—
(53,580
)
—
(31,098
)
Payments for bank borrowings
(96,000,000
)
(91,000,000
)
—
—
Proceeds from bank borrowings
93,000,000
68,000,000
—
—
Increase (decrease) in bank overdraft
—
113,612
(17,333
)
175,336
Proceeds from issuance of capital shares
23,835,714
—
—
—
Net borrowing of reverse repurchase agreements
—
—
43,789,399
(8,602,558
)
Net cash provided by (used for) for financing activities
(15,884,638
)
(49,272,289
)
26,689,219
(34,859,252
)
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations
(270
)
(5,021
)
—
(16,064
)
Financial Statements
151
Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2026
 
DSU
FRA
BKT
BLW
CASH AND FOREIGN CURRENCY
Net decrease in restricted and unrestricted cash and foreign currency
$(710,758
)
$(230,535
)
$(214,000
)
$(1,518,233
)
Restricted and unrestricted cash and foreign currency at beginning of period
2,514,112
280,588
1,038,000
4,690,519
Restricted and unrestricted cash and foreign currency at end of period
$1,803,354
$50,053
$824,000
$3,172,286
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense
$2,489,130
$2,441,418
$2,030,547
$7,345,853
NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions
$898,763
$—
$—
$199,736
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY
AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash
$1,593,151
$—
$—
$—
Cash pledged
Collateral — reverse repurchase agreements
—
—
—
34,183
Futures contracts
159,000
49,000
824,000
2,054,470
Centrally cleared swaps
33,000
—
—
448,000
Foreign currency at value
18,203
1,053
—
635,633
 
$1,803,354
$50,053
$824,000
$3,172,286
See notes to financial statements.
152
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2026
 
 
BIT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations
$7,271,791
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:
Proceeds from sales of long-term investments and principal paydowns/payups
673,197,046
Purchases of long-term investments
(747,085,368
)
Net purchases of short-term securities
(7,584,994
)
Amortization of premium and accretion of discount on investments and other fees
(2,195,218
)
Paid-in-kind income
(323,064
)
Net realized gain on investments
(800,528
)
Net unrealized (appreciation) depreciation on investments, swaps, forward foreign currency exchange contracts, foreign currency translations and unfunded floating rate
loan interests
15,813,135
(Increase) Decrease in Assets
Receivables
Dividends — affiliated
(18,650
)
Dividends — unaffiliated
469
Interest — unaffiliated
(2,028,458
)
Variation margin on futures contracts
(823,543
)
Variation margin on centrally cleared swaps
(3,726
)
Swap premiums paid
142,165
Prepaid expenses
(48,911
)
Deferred offering costs.
(177,522
)
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements
412,000
Payables
Accounting services fees
(9,278
)
Custodian fees
(4,293
)
Interest expense
(95,203
)
Investment advisory fees
94,090
Directors’ and Officer’s fees
(12,017
)
Professional fees
(17,959
)
Transfer agent fees
12,746
Variation margin on futures contracts
333,763
Swap premiums received
(74,729
)
Net cash used for operating activities
(64,026,256
)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders
(42,375,056
)
Increase in bank overdraft
4,060,276
Net borrowing of reverse repurchase agreements
104,814,526
Net cash provided by financing activities
66,499,746
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations
(9,353
)
CASH AND FOREIGN CURRENCY
Net increase in restricted and unrestricted cash and foreign currency
2,464,137
Restricted and unrestricted cash and foreign currency at beginning of period
6,591,649
Restricted and unrestricted cash and foreign currency at end of period
$9,055,786
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense
$7,465,745
Financial Statements
153
Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2026
 
BIT
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF
ASSETS AND LIABILITIES
Cash pledged
Collateral — reverse repurchase agreements
$533,000
Collateral — OTC derivatives
750,000
Futures contracts
6,395,400
Centrally cleared swaps
450,000
Foreign currency at value
927,386
 
$9,055,786
See notes to financial statements.
154
2026 BlackRock Semi-Annual Report to Shareholders
Financial Highlights
(For a share outstanding throughout each period)
 
 
DSU
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of period
$10.14
$10.63
$10.89
$10.44
$11.56
$11.55
Net investment income(a)
0.32
0.74
0.94
0.99
0.72
0.61
Net realized and unrealized gain (loss)
(0.26
)
(0.05
)
(0.02
)
0.51
(1.14
)
0.13
Net increase (decrease) from investment operations
0.06
0.69
0.92
1.50
(0.42
)
0.74
Distributions(b)
From net investment income
(0.59
)(c)
(0.74
)
(0.95
)
(0.99
)
(0.68
)
(0.62
)
Return of capital
—
(0.44
)
(0.23
)
(0.06
)
(0.02
)
(0.11
)
Total distributions
(0.59
)
(1.18
)
(1.18
)
(1.05
)
(0.70
)
(0.73
)
Net asset value, end of period
$9.61
$10.14
$10.63
$10.89
$10.44
$11.56
Market price, end of period
$9.70
$10.18
$10.76
$10.79
$9.20
$11.70
Total Return(d)
Based on net asset value
0.67
%(e)
6.93
%
8.93
%
15.74
%
(2.97
)%
6.67
%
Based on market price
1.21
%(e)
6.06
%
11.28
%
30.14
%
(15.51
)%
19.33
%
Ratios to Average Net Assets(f)
Total expenses
1.54
%(g)(h)(i)
1.69
%
2.32
%
2.47
%
1.90
%
1.34
%
Total expenses after fees waived and/or reimbursed
1.53
%(g)(h)(i)
1.69
%
2.31
%
2.47
%
1.90
%
1.34
%
Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees and/or offering costs
0.71
%(g)
0.73
%
0.79
%
0.79
%
0.84
%
0.92
%
Net investment income
6.48
%(g)
7.22
%
8.72
%
9.25
%
6.65
%
5.21
%
Supplemental Data
Net assets, end of period (000)
$622,473
$630,801
$550,662
$507,398
$486,565
$538,681
Borrowings outstanding, end of period (000)
$110,000
$113,000
$102,000
$149,000
$164,000
$248,000
Asset coverage, end of period per $1,000 of bank borrowings(j)
$6,659
$6,582
$6,399
$4,405
$3,967
$3,172
Portfolio turnover rate
21
%
38
%
43
%
30
%
18
%
47
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d)
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any
sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.51% and 1.50%, respectively.
(i)
Offering costs is not annualized in the calculation of the expense ratios. If the expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have
been 1.58% and 1.56%, respectively.
(j)
Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results
by 1,000.
See notes to financial statements.
Financial Highlights
155
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
FRA
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of period
$12.10
$12.89
$13.26
$12.81
$13.85
$13.81
Net investment income(a)
0.37
0.91
1.16
1.24
0.84
0.67
Net realized and unrealized gain (loss)
(0.35
)
(0.21
)
(0.04
)
0.53
(1.11
)
0.17
Net increase (decrease) from investment operations
0.02
0.70
1.12
1.77
(0.27
)
0.84
Distributions(b)
From net investment income
(0.74
)(c)
(0.91
)
(1.17
)
(1.25
)
(0.77
)
(0.67
)
Return of capital
—
(0.58
)
(0.32
)
(0.07
)
—
(0.13
)
Total distributions
(0.74
)
(1.49
)
(1.49
)
(1.32
)
(0.77
)
(0.80
)
Net asset value, end of period
$11.38
$12.10
$12.89
$13.26
$12.81
$13.85
Market price, end of period
$10.99
$11.78
$13.75
$12.66
$11.26
$13.43
Total Return(d)
Based on net asset value
0.45
%(e)
5.76
%
8.88
%
15.35
%
(1.34
)%
6.48
%
Based on market price
(0.36
)%(e)
(3.48
)%
21.65
%
25.29
%
(10.57
)%
17.74
%
Ratios to Average Net Assets(f)
Total expenses
2.15
%(g)
2.61
%
2.95
%
2.88
%
2.17
%
1.55
%
Total expenses after fees waived and/or reimbursed
2.15
%(g)
2.61
%
2.95
%
2.87
%
2.17
%
1.54
%
Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees
1.02
%(g)
1.04
%
1.07
%
1.04
%
1.15
%
1.14
%
Net investment income
6.45
%(g)
7.33
%
8.84
%
9.45
%
6.36
%
4.76
%
Supplemental Data
Net assets, end of period (000)
$403,418
$428,588
$455,119
$467,336
$451,188
$487,833
Borrowings outstanding, end of period (000)
$94,000
$117,000
$143,000
$144,000
$147,000
$223,000
Asset coverage, end of period per $1,000 of bank borrowings(h)
$5,292
$4,663
$4,183
$4,245
$4,069
$3,188
Portfolio turnover rate
19
%
36
%
36
%
25
%
14
%
49
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d)
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any
sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results
by 1,000.
See notes to financial statements.
156
2026 BlackRock Semi-Annual Report to Shareholders
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BKT
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22(a)
Year Ended
12/31/21(a)
 
Net asset value, beginning of period
$11.51
$11.81
$12.73
$13.10
$16.94
$18.54
Net investment income(b)
0.22
0.25
0.36
0.32
0.43
0.70
Net realized and unrealized gain (loss)
(0.19
)
0.70
(0.22
)
0.37
(3.24
)
(1.06
)
Net increase (decrease) from investment operations
0.03
0.95
0.14
0.69
(2.81
)
(0.36
)
Distributions(c)
From net investment income
(0.53
)(d)
(0.43
)
(0.41
)
(0.39
)
(0.49
)
(0.89
)
Return of capital
—
(0.63
)
(0.65
)
(0.67
)
(0.54
)
(0.35
)
Total distributions
(0.53
)
(1.06
)
(1.06
)
(1.06
)
(1.03
)
(1.24
)
Dilutive effect of rights offer (Note 11)
—
(0.19
)
—
—
—
—
Net asset value, end of period
$11.01
$11.51
$11.81
$12.73
$13.10
$16.94
Market price, end of period
$10.72
$11.04
$11.52
$12.18
$12.34
$16.95
Total Return(e)
Based on net asset value
0.43
%(f)
6.78
%
1.32
%
6.03
%
(16.67
)%
(2.01
)%
Based on market price
1.95
%(f)
5.01
%
3.29
%
7.69
%
(21.50
)%
(0.23
)%
Ratios to Average Net Assets(g)
Total expenses
2.05
%(h)
1.97
%
2.75
%
3.23
%
1.65
%
0.94
%
Total expenses after fees waived and/or reimbursed
2.05
%(h)
1.97
%
2.75
%
3.23
%
1.64
%
0.94
%
Total expenses after fees waived and/or reimbursed and excluding interest expense
0.89
%(h)
0.91
%
0.93
%
0.92
%
0.95
%
0.90
%
Net investment income
3.98
%(h)
2.14
%
2.96
%
2.50
%
2.94
%
3.91
%
Supplemental Data
Net assets, end of period (000)
$356,763
$372,882
$251,630
$271,329
$279,035
$360,752
Borrowings outstanding, end of period (000)
$128,535
$84,693
$76,794
$111,020
$115,764
$115,184
Portfolio turnover rate(i)
92
%
223
%
269
%
221
%
237
%
248
%
 
(a)
Per share operating performance amounts have been adjusted to reflect a 1-for-3 reverse stock split prior to the open of trading on the NYSE on October 18, 2022 for common stockholders of
record as of the close of business on October 17, 2022.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e)
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any
sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Portfolio turnover rate (excluding MDRs)
46
%
112
%
133
%
106
%
122
%
119
%
See notes to financial statements.
Financial Highlights
157
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BLW
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of period
$13.90
$14.04
$14.11
$13.51
$16.44
$16.93
Net investment income(a)
0.50
1.06
1.14
1.11
0.97
1.00
Net realized and unrealized gain (loss)
(0.47
)
0.16
0.12
0.70
(2.82
)
(0.31
)
Net increase (decrease) from investment operations
0.03
1.22
1.26
1.81
(1.85
)
0.69
Distributions(b)
From net investment income
(0.68
)(c)
(1.07
)
(1.18
)
(1.07
)
(0.92
)
(1.02
)
Return of capital
—
(0.29
)
(0.15
)
(0.14
)
(0.16
)
(0.16
)
Total distributions
(0.68
)
(1.36
)
(1.33
)
(1.21
)
(1.08
)
(1.18
)
Net asset value, end of period
$13.25
$13.90
$14.04
$14.11
$13.51
$16.44
Market price, end of period
$12.49
$13.74
$14.13
$13.98
$13.07
$16.85
Total Return(d)
Based on net asset value
0.42
%(e)
9.11
%
9.34
%
14.41
%
(10.96
)%
4.18
%(f)
Based on market price
(4.24
)%(e)
7.17
%
11.06
%
17.17
%
(15.96
)%
13.55
%
Ratios to Average Net Assets(g)
Total expenses
3.20
%(h)
3.70
%(i)
4.47
%
3.64
%
2.04
%
1.18
%
Total expenses after fees waived and/or reimbursed
3.20
%(h)
3.70
%(i)
4.47
%
3.64
%
2.04
%
1.18
%
Total expenses after fees waived and/or reimbursed and excluding interest expense
and fees and/or offering costs
0.99
%(h)
0.98
%
1.01
%
0.94
%
0.96
%
0.92
%
Net investment income
7.40
%(h)
7.62
%
8.13
%
8.10
%
6.70
%
5.90
%
Supplemental Data
Net assets, end of period (000)
$518,145
$543,316
$514,291
$503,770
$482,587
$587,146
Borrowings outstanding, end of period (000)
$281,235
$290,501
$337,676
$276,235
$275,639
$312,356
Portfolio turnover rate(j)
27
%
48
%
95
%
106
%
77
%
66
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d)
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any
sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.68% and 3.68%, respectively.
(j)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Portfolio turnover rate (excluding MDRs)
26
%
44
%
75
%
70
%
58
%
52
%
See notes to financial statements.
158
2026 BlackRock Semi-Annual Report to Shareholders
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BIT
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Period from
11/01/23
to 12/31/23
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$13.91
$14.50
$14.76
$13.78
$14.66
$17.98
$17.66
Net investment income(a)
0.45
0.93
0.99
0.16
0.91
1.03
1.13
Net realized and unrealized gain (loss)
(0.32
)
0.13
0.23
1.07
(0.31
)
(2.87
)
0.67
Net increase (decrease) from investment operations
0.13
1.06
1.22
1.23
0.60
(1.84
)
1.80
Distributions(b)
From net investment income
(0.74
)(c)
(0.93
)
(0.97
)
(0.17
)
(0.89
)
(1.07
)
(1.11
)
Return of capital
—
(0.55
)
(0.51
)
(0.08
)
(0.59
)
(0.41
)
(0.37
)
Total distributions
(0.74
)
(1.48
)
(1.48
)
(0.25
)
(1.48
)
(1.48
)
(1.48
)
Dilutive effect of rights offer (Note 11)
—
(0.17
)
—
—
—
—
—
Net asset value, end of period
$13.30
$13.91
$14.50
$14.76
$13.78
$14.66
$17.98
Market price, end of period
$12.52
$13.06
$14.60
$15.00
$14.09
$14.43
$18.90
Total Return(d)
Based on net asset value
1.29
%(e)
6.68
%
8.66
%
8.95
%(e)
4.08
%
(10.47
)%(f)
10.55
%
Based on market price
1.56
%(e)
(0.53
)%
7.66
%
8.29
%(e)
8.12
%
(16.16
)%
31.13
%
Ratios to Average Net Assets(g)
Total expenses
3.22
%(h)
3.26
%(i)
4.29
%
4.29
%(h)(j)
3.92
%
1.99
%
1.70
%
Total expenses after fees waived and/or reimbursed
3.22
%(h)
3.26
%(i)
4.28
%
4.29
%(h)(j)
3.92
%
1.99
%
1.70
%
Total expenses after fees waived and/or reimbursed and excluding
interest expense and fees and/or offering costs
1.30
%(h)
1.25
%
1.33
%
1.34
%(h)(j)
1.32
%
1.34
%
1.42
%
Net investment income
6.66
%(h)
6.58
%
6.77
%
6.64
%(h)
6.26
%
6.39
%
6.14
%
Supplemental Data
Net assets, end of period (000)
$758,742
$793,822
$577,856
$558,173
$520,821
$552,552
$676,391
Borrowings outstanding, end of period (000)
$443,077
$336,421
$347,481
$284,576
$285,633
$288,231
$386,820
Portfolio turnover rate(k)
59
%
48
%
134
%
28
%
151
%
112
%
75
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d)
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any
sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.25% and 3.25%, respectively.
(j)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed, total
expenses after fees waived and/or reimbursed and excluding interest expense would have been 4.35%, 4.35% and 1.40%, respectively
(k)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
 
Six Months Ended
06/30/26
(unaudited)
Year Ended
12/31/25
Year Ended
12/31/24
Period from
11/01/23
to 12/31/23
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Portfolio turnover rate (excluding MDRs)
57
%
43
%
99
%
17
%
91
%
77
%
58
%
See notes to financial statements.
Financial Highlights
159
Notes to Financial Statements (unaudited)
 
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”: 
Fund Name
Herein Referred To As
Organized
Diversification
Classification
BlackRock Debt Strategies Fund, Inc.
DSU
Maryland
Diversified
BlackRock Floating Rate Income Strategies Fund, Inc.
FRA
Maryland
Diversified
BlackRock Income Trust, Inc.
BKT
Maryland
Diversified
BlackRock Limited Duration Income Trust
BLW
Delaware
Diversified
BlackRock Multi-Sector Income Trust
BIT
Delaware
Diversified
The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”. The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
Prior Year Reorganization:  The Board of BKT (the “Acquiring Fund”) and the Board and shareholders of BlackRock Enhanced Government Fund, Inc. (“EGF”) (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued Common Shares of the Acquiring Fund.
Each Common Shareholder of the Target Fund received Common Shares of the Acquiring Fund in an amount equal to the aggregate NAV of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on March 21, 2025, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.
The reorganization was accomplished by a tax-free exchange of Common Shares of the Acquiring Fund in the following amounts and at the following conversion ratios: 
Target Fund
Target
Fund’s
Share
Class
Shares Prior to
Reorganization
Conversion
Ratio
BKT’s
Share
Class
Shares of
BKT
EGF
Common
3,551,598
0.84020511
Common
2,984,042
(a)
 
(a)
Net of fractional shares redeemed.
The Target Fund’s net assets and composition of net assets on March 21, 2025, the valuation date of the reorganization, were as follows: 
Net assets
$35,673,791
Paid-in-capital
65,879,865
Accumulated loss
(30,206,074
)
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The net assets of the Acquiring Fund before the reorganization were $254,726,957. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $290,400,748. The Target Fund’s fair value and cost of financial instruments prior to the reorganization were as follows: 
Target Fund
 
Fair Value of
Investments
Cost of
Investments
EGF
$ 33,806,434
$ 34,864,291
The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on March 24, 2025.
Assuming the reorganization had been completed on January 1, 2025, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the period ended December 31, 2025, were as follows:
• Net investment income: $6,419,192
• Net realized and change in unrealized gain/loss on investments: $19,246,882
• Net increase in net assets resulting from operations: $25,666,074
160
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since March 24, 2025.
Reorganization costs incurred by BKT in connection with the reorganization were expensed by BKT.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:  For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.  Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.  Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.  Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.  For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.  Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2026, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Funds may maintain cash at their custodian, which at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions:  Distributions from net investment income are declared quarterly and paid monthly.  Distributions of capital gains are recorded on the ex-dividend dates and made at least annually.  The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts
Notes to Financial Statements
161
Notes to Financial Statements (unaudited) (continued)
 
are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other:  Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  Each Fund’s investments are valued at fair value (also referred to as “market value” within the  financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.
•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Shares of underlying exchange-traded closed-end funds or other exchange-traded funds (“ETFs”) are valued at their most recent closing price. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
162
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.  Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors.  The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain
Notes to Financial Statements
163
Notes to Financial Statements (unaudited) (continued)
 
asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk
164
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests: 
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
DSU
Azuria Water Solutions, Inc.
$140,060
$ 139,746
$139,575
$ (171)
 
Chicago U.S. Midco III LP
256,791
256,791
256,265
(526)
 
Citrin Cooperman Advisors LLC
532,010
526,690
500,175
(26,515)
 
CoreWeave Financing DDTL V LLC
950,492
940,987
969,302
28,315
 
CP Iris HoldCo I, Inc.
44,696
44,582
42,394
(2,188)
 
Kaman Corp.
45,806
45,748
45,708
(40)
 
Pinnacle Buyer LLC
167,889
167,889
168,099
210
 
Pye-Barker Fire & Safety LLC
139,192
139,192
139,366
174
 
Radiate Holdco LLC
63,579
63,579
63,468
(111)
 
Raven Acquisition Holdings LLC
36,543
36,360
36,030
(330)
 
 
 
$ (1,182)
FRA
Azuria Water Solutions, Inc.
$120,087
$ 119,816
$119,671
(145)
 
Chicago U.S. Midco III LP
217,630
217,630
217,184
(446)
 
Citrin Cooperman Advisors LLC
438,518
434,133
412,277
(21,856)
 
CoreWeave Financing DDTL V LLC
812,497
804,372
828,576
24,204
 
CP Iris HoldCo I, Inc.
36,700
36,551
34,809
(1,742)
 
Kaman Corp.
44,472
44,416
44,377
(39)
 
Pinnacle Buyer LLC
148,627
148,627
148,813
186
 
Pye-Barker Fire & Safety LLC
121,327
121,327
121,479
152
 
Radiate Holdco LLC
61,926
61,926
61,818
(108)
 
Raven Acquisition Holdings LLC
37,531
37,343
37,004
(339)
 
 
 
$ (133)
BLW
Azuria Water Solutions, Inc.
$76,189
$ 76,015
$75,926
(89)
 
Chicago U.S. Midco III LP
136,741
136,741
136,461
(280)
 
Citrin Cooperman Advisors LLC
278,248
276,388
267,117
(9,271)
 
CoreWeave Financing DDTL V LLC
528,768
523,480
539,232
15,752
Notes to Financial Statements
165
Notes to Financial Statements (unaudited) (continued)
 
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
BLW (continued)
CP Iris HoldCo I, Inc.
$23,697
$ 23,517
$22,476
$ (1,041)
 
Kaman Corp.
26,683
26,650
26,627
(23)
 
Pinnacle Buyer LLC
92,404
92,404
92,520
116
 
Pye-Barker Fire & Safety LLC
76,939
76,939
77,035
96
 
Radiate Holdco LLC
38,516
38,516
38,449
(67)
 
Raven Acquisition Holdings LLC
21,728
21,620
21,424
(196)
 
 
 
$ 4,997
Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions: The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.
Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value.  Interest payments made by a fund
166
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.
For the six months ended June 30, 2026, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows: 
Fund Name
Average Amount
Outstanding
Weighted Average
Interest Rate
BKT
$ 132,782,531
3.16
% 
BLW
325,234,188
3.53
BIT
416,615,854
3.54
Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.
As of period end, the following table is a summary of BKT’s, BLW’s and BIT’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis: 
Fund Name/Counterparty
Reverse Repurchase
Agreements
Fair Value of
Non-Cash Collateral
Pledged Including
Accrued Interest(a)
Cash Collateral
Pledged/Received(a)
Net Amount(b)
BKT
HSBC Securities (USA), Inc.
$ (5,253,198
)
$ 5,234,323
$ —
$ (18,875
)
U.S. Bancorp Investments, Inc.
(618,516
)
614,760
—
(3,756
)
Wells Fargo Securities, LLC
(122,663,352
)
122,663,352
—
—
 
$ (128,535,066
)
$ 128,512,435
$ —
$ (22,631
)
 
(a)
Collateral, if any, with a value of $133,037,568 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is
not shown for financial reporting purposes.
(b)
Net amount represents the net amount payable due to the counterparty in the event of default.
 
Fund Name/Counterparty
Reverse Repurchase
Agreements
Fair Value of
Non-Cash Collateral
Pledged Including
Accrued Interest(a)
Cash Collateral
Pledged/Received(a)
Net Amount
BLW
Barclays Bank PLC
$ (13,783,235
)
$ 13,783,235
$ —
$ —
Barclays Capital, Inc.
(30,287,100
)
30,287,100
—
—
BNP Paribas SA
(39,788,826
)
39,788,826
—
—
BofA Securities, Inc.
(20,280,757
)
20,280,757
—
—
Citigroup Global Markets, Inc.
(1,076,368
)
1,076,368
—
—
Credit Agricole Corporate and Investment Bank
(1,711,949
)
1,711,949
—
—
Goldman Sachs & Co. LLC
(1,139,572
)
1,139,572
—
—
HSBC Bank PLC
(1,457,735
)
1,457,735
—
—
HSBC Securities (USA), Inc.
(1,498,561
)
1,498,561
—
—
J.P. Morgan Securities LLC
(6,740,626
)
6,740,626
—
—
Morgan Stanley & Co. LLC
(1,824,795
)
1,824,795
—
—
Nomura Securities International, Inc.
(16,036,265
)
16,036,265
—
—
RBC Capital Markets, LLC
(3,497,335
)
3,497,335
—
—
TD Securities (USA) LLC
(60,188,001
)
60,188,001
—
—
U.S. Bancorp Investments, Inc.
(70,824,683
)
70,824,683
—
—
Wells Fargo Securities, LLC
(11,098,866
)
11,098,866
—
—
 
$ (281,234,674
)
$ 281,234,674
$ —
$ —
 
(a)
Net collateral, including accrued interest, if any, with a value of $315,180,512 has been pledged/received in connection with open reverse repurchase agreements. Excess of net
collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes.
Notes to Financial Statements
167
Notes to Financial Statements (unaudited) (continued)
 
 
Fund Name/Counterparty
Reverse Repurchase
Agreements
Fair Value of
Non-Cash Collateral
Pledged Including
Accrued Interest(a)
Cash Collateral
Pledged/Received(a)
Net Amount
BIT
Banco Santander SA
$ (490,015
)
$ 490,015
$ —
$ —
Barclays Bank PLC
(44,023,160
)
44,023,160
—
—
Barclays Capital, Inc.
(16,281,751
)
16,281,751
—
—
BNP Paribas SA
(42,441,987
)
42,441,987
—
—
BofA Securities, Inc.
(31,114,433
)
31,114,433
—
—
Citigroup Global Markets, Inc.
(678,368
)
678,368
—
—
Goldman Sachs & Co. LLC
(141,220
)
141,220
—
—
HSBC Securities (USA), Inc.
(14,032,808
)
14,032,808
—
—
J.P. Morgan Securities LLC
(26,461,186
)
26,461,186
—
—
Morgan Stanley & Co. LLC
(4,464,498
)
4,464,498
—
—
Nomura Securities International, Inc.
(307,707
)
307,707
—
—
RBC Capital Markets, LLC
(131,611,921
)
131,611,921
—
—
TD Securities (USA) LLC
(37,811,321
)
37,811,321
—
—
U.S. Bancorp Investments, Inc.
(93,216,298
)
93,216,298
—
—
 
$ (443,076,673
)
$ 443,076,673
$ —
$ —
 
(a)
Net collateral, including accrued interest, if any, with a value of $488,580,492 has been pledged/received in connection with open reverse repurchase agreements. Excess of net
collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes.
In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds.
168
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of  Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements  of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of  Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).
The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
•Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds.  Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of
Notes to Financial Statements
169
Notes to Financial Statements (unaudited) (continued)
 
their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the  Manager, the Funds’ investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, DSU and FRA pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage: 
 
DSU
FRA
Investment advisory fees
0.55
% 
0.75
% 
For purposes of calculating these fees, “net assets” mean the total assets of each Fund minus the sum of its accrued liabilities.
For such services, BKT pays the Manager a monthly fee at an annual rate equal to 0.65% of the average weekly value of the Fund’s net assets. For purposes of calculating this fee, “net assets” means the total assets of the Fund minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).
For such services, BLW pays the Manager a monthly fee at an annual rate equal to 0.55% of the average weekly value of the Fund’s managed assets, including the proceeds of any debt securities or outstanding borrowings used for leverage.
For such services, BIT pays the Manager a monthly fee at an annual rate equal to 0.80% of the average daily value of the Fund’s managed assets, including the proceeds of any debt securities or outstanding borrowings used for leverage.
For purposes of calculating these fee, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. With respect to BLW and BIT, the Manager also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BSL”), an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Fund for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.
Distribution Fees:  The Funds have entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of the Funds common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of the Funds’ common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2026, amounted to $48,989, $0, $0, $0 and $0 for each of DSU, FRA, BKT, BLW and BIT respectively.
Administration:  BKT has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Fund’s average weekly net assets. For BKT, the Manager may reduce or discontinue this arrangement at any time without notice.
Expense Waivers and Reimbursements:  With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2026, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
DSU
$ 1,600
FRA
300
BKT
1,371
BLW
1,250
BIT
2,588
The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. These amounts are included in fees waived and/or
170
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Manager
DSU
$ 37,968
FRA
4,290
Directors and Officers:  Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
7.
PURCHASES AND SALES
For the six months ended June 30, 2026, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows: 
 
U.S. Government Securities
Other Securities
Fund Name
Purchases
Sales
Purchases
Sales
DSU
$ —
$ —
$ 164,068,732
$ 156,216,183
FRA
—
—
102,317,285
132,492,922
BKT
493,933,167
465,204,134
12,435,015
7,142,491
BLW
19,840,273
20,723,916
205,406,003
214,484,626
BIT
76,286,946
52,567,911
680,226,814
623,285,132
For the six months ended June 30, 2026, purchases and sales related to mortgage dollar rolls were as follows: 
Fund Name
Purchases
Sales
BKT
$ 237,114,547
$ 237,265,247
BLW
11,896,680
11,910,273
BIT
29,105,695
29,139,925
8.
INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
As of December 31, 2025, the Funds had non-expiring capital loss carryforwards and qualified late-year losses as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards(a)
Qualified
Late-Year
Ordinary Losses(b)
DSU
$ (134,079,377
)
$ —
FRA
(71,140,524
)
—
BKT
(159,427,374
)
—
BLW
(102,012,402
)
—
BIT
(61,478,214
)
(85,714
)
 
(a)
Subject to limitations, amounts available to offset future realized capital gains. 
(b)
The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.
As of June 30, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
DSU
$ 776,090,972
$ 4,738,331
$ (29,817,195
)
$ (25,078,864
)
Notes to Financial Statements
171
Notes to Financial Statements (unaudited) (continued)
 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
FRA
$ 531,100,823
$ 1,850,287
$ (17,362,625
)
$ (15,512,338
)
BKT
550,992,753
6,397,598
(31,124,563
)
(24,726,965
)
BLW
821,038,895
10,354,433
(19,854,030
)
(9,499,597
)
BIT
1,198,256,422
15,607,733
(22,777,461
)
(7,169,728
)
9.
BANK BORROWINGS
DSU and FRA are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to DSU and FRA. As of period end, DSU and FRA have not received any notice to terminate. DSU and FRA have granted a security interest in substantially all of their assets to SSB.
The SSB Agreement allows for the following maximum commitment amounts: 
Fund Name
Commitment Amounts
DSU
$ 276,000,000
FRA
255,000,000
Advances will be made by SSB to DSU and FRA, at DSU’s and FRA’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One Month Term SOFR are subject to a 0% floor.
In addition, DSU and FRA paid a commitment fee (based on the daily unused portion of the commitments).  Advances to DSU and FRA as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.
DSU and FRA may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding borrowings is less than 300%.
For the six months ended June 30, 2026, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows: 
Fund Name
Maximum
Amount Borrowed
Average Amount
Outstanding
Daily Weighted Average
Interest Rate
DSU
$ 120,000,000
$ 103,298,343
4.50
% 
FRA
122,000,000
98,563,536
4.51
10.
PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.
Illiquidity Risk: Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk:  Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project
172
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may  experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.  The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of  their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.
Notes to Financial Statements
173
Notes to Financial Statements (unaudited) (continued)
 
11.
CAPITAL SHARE TRANSACTIONS 
DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA and BKT are authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW and BIT are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for DSU’s, FRA’s, BKT’s, BLW’s and BIT’s  shares is $0.10, $0.10, $0.010, $0.001 and $0.001, respectively. The Board for DSU, FRA, BLW and BIT are each authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
As of the close of business on September 29, 2025, BKT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of BKT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on October 20, 2025. BKT received from the Offer gross proceeds of $87,126,281 for the issuance of 8,097,238 Common Shares. The rights offering resulted in $(0.19) or (1.63)% NAV dilution since the Common Shares were issued below BKT’s NAV. BKT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.
As of the close of business on  August 19, 2025, BIT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of BIT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on September 9, 2025. BIT received from the Offer gross proceeds of $185,596,458 for the issuance of 14,265,677 Common Shares. The rights offering resulted in $(0.17) or (1.22)% NAV dilution since the Common Shares were issued below BIT’s NAV. BIT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment: 
 
Six Months Ended
Year Ended
Fund Name
06/30/26
12/31/25
DSU
91,820
184,457
FRA
—
130,112
BLW
14,664
148,923
BIT
—
103,861
For the six months ended June 30, 2026, shares issued and outstanding remained constant for FRA, BKT and BIT.
For the year ended December 31, 2025, Common Shares of BKT issued and outstanding increased by 2,984,071 as a result of reorganization of EGF with and into BKT.
For the year ended December 31, 2025, Common Shares of BKT issued and outstanding decreased by 29 as a result of a redemption of fractional shares from the reorganization of EGF with and into BKT.
For the year ended December 31, 2025, Common Shares of DSU, BLW and BIT issued and outstanding increased by 10,245,828, 2,297,599 and 2,851,856, respectively under the Shelf Offering.
BKT had previously adopted a discount management program (the “Program”), which consists of one measurement period beginning on July 9, 2026 and ending on September 30, 2026. Under the Program, the Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust’s common shares trade at an average daily discount to NAV of more than 7.50% during the 12-week measurement period. If the discount trigger is met and a tender offer is conducted, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will have on the market for the Trust’s shares or the discount at which the Trust’s shares may trade relative to its NAV.
DSU, FRA, BKT, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 30,000,000, 18,000,000, 25,000,000, 12,000,000 and 19,000,000 Common Shares, respectively, through a Shelf Offering. Under the Shelf Offering each Fund subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 28,221,677, 18,000,000, 25,000,000, 8,880,956 and 19,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period ended June 30, 2026, DSU, FRA, BKT, BLW and BIT issued 2,451,565, 0, 0, 0 and 0 shares respectively under current Shelf Offering and the Trust’s prior Shelf Offering. See Additional Information - Shelf Offering Program for additional information.
Initial costs incurred by the Funds in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’  financial statements was completed through the date the financial statements were issued and the following items were noted:
174
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
 
The Funds declared and paid or will pay distributions to Common Shareholders as follows: 
Fund Name
Declaration
Date
Record
Date
Payable/
Paid Date
 
Dividend Per
Common Share
DSU
06/05/26
07/15/26
07/31/26
$ 0.098730
 
06/05/26
08/14/26
08/31/26
0.098730
 
06/05/26
09/15/26
09/30/26
0.098730
FRA
06/05/26
07/15/26
07/31/26
0.123840
 
06/05/26
08/14/26
08/31/26
0.123840
 
06/05/26
09/15/26
09/30/26
0.123840
BKT
06/05/26
07/15/26
07/31/26
0.088200
 
06/05/26
08/14/26
08/31/26
0.088200
 
06/05/26
09/15/26
09/30/26
0.088200
BLW
06/05/26
07/15/26
07/31/26
0.113200
 
06/05/26
08/14/26
08/31/26
0.113200
 
06/05/26
09/15/26
09/30/26
0.113200
BIT
06/05/26
07/15/26
07/31/26
0.123700
 
06/05/26
08/14/26
08/31/26
0.123700
 
06/05/26
09/15/26
09/30/26
0.123700
Notes to Financial Statements
175
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
 
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Debt Strategies Fund, Inc. (“DSU”), BlackRock Floating Rate Income Strategies Fund, Inc. (“FRA”), BlackRock Income Trust, Inc. (“BKT”), BlackRock Limited Duration Income Trust (“BLW”), and BlackRock Multi-Sector Income Trust (“BIT”) (collectively, the “Funds” and each, a “Fund”) met on May 7, 2026 (the “May Meeting”) and June 4-5, 2026 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BSL” and together with BIL, the “Sub-Advisors”) and each of BLW and BIT. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings during the year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also provided additional information to the Board in response to specific questions and requests from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any material outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for applicable services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s development and application of applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; (o) each Fund’s market discount/premium compared to peer funds; and (p) distributions.
Prior to and in preparation for the May Meeting, the Board prepared and submitted questions, requested specific materials, and received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees, as applicable; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made or benefits that inure to BlackRock or its affiliates, including relating to, as applicable, securities lending and cash management activities of a Fund. The Board noted the willingness of BlackRock’s personnel to engage in open,
176
2026 BlackRock Semi-Annual Report to Shareholders
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
 
candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. Throughout the year, the Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team (including the tenure of or changes in the portfolio management team); research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks, the role of BlackRock’s Risk & Quantitative Analysis Group, and BlackRock’s policies and procedures for third-party vendor oversight. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to a Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with the Fund’s equity shelf program, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and net asset value; and services related to the valuation and pricing of the Fund’s portfolio holdings; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment personnel located outside of the United States. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2025, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered DSU’s performance relative to DSU’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, DSU generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for DSU, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered FRA’s performance relative to FRA’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, FRA generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for FRA, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BKT’s performance relative to BKT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BKT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BKT, and that BlackRock has explained its rationale for this belief to the Board.
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
177
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
 
The Board reviewed and considered BLW’s performance relative to BLW’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BLW generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BLW, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BIT’s performance relative to BIT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIT, and that BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Costs of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2025 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability information for other advisors is not publicly available.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that DSU’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that FRA’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BKT’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Expense Peers.
The Board noted that BLW’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BIT’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although
178
2026 BlackRock Semi-Annual Report to Shareholders
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
 
each Fund may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each Fund’s assets will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. The Board also noted the revenue received by BlackRock and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BlackRock and/or its affiliates. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts. Throughout the year, the Board also received information and reporting, as applicable, regarding BlackRock’s soft dollar, brokerage, and trade execution practices.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2027, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BSL and each of BLW and BIT for a one-year term ending June 30, 2027. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
179
Additional Information
 
Fund Certification
The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Environmental, Social and Governance (“ESG”) Integration
Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Fund’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Fund employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Fund.
The distributions paid by each Fund for any particular month may be more or less than the amount of net investment income earned by each Fund during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Fund and is reported in each Fund’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital.  Each Fund’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Fund’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Fund’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the  Fund’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Fund’s expense ratio and reducing the amount of assets the Fund has available for long term investment.
General Information
Each Fund’s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800) 882-0052.
The following information is a summary of certain changes since December 31, 2025. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.
Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, shareholder reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
180
2026 BlackRock Semi-Annual Report to Shareholders
Additional Information (continued)
 
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, including each Fund’s prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to BlackRock Advisors, LLC (the “Adviser”) pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Funds. The BAIS Guidelines are available at www.blackrock.com.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time-to-time, each Fund may seek to raise additional equity capital through a Shelf Offering.  In a Shelf Offering, each Fund may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing).  While any such Shelf Offering may allow each Fund to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
Each Fund has filed a prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of each Fund are not offers to sell a Fund’s Common Shares or solicitations of an offer to buy a Fund’s Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of each Fund contains important information about the Fund, including its investment objectives, risk, charges and expenses. Investors are urged to read a Fund’s prospectus carefully and in its entirety before investing. Copies of each Fund’s final prospectus can be obtained from BlackRock at blackrock.com.
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 5PP
United Kingdom
BlackRock (Singapore) Limited(a)
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Additional Information
181
Additional Information (continued)
 
Fund and Service Providers (continued) 
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
(a) For BLW and BIT.
 
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
182
2026 BlackRock Semi-Annual Report to Shareholders
Glossary of Terms Used in this Report
 
 
Currency Abbreviation 
EUR
 Euro
GBP
 British Pound
USD
 United States Dollar
 
Portfolio Abbreviation 
ABS
 Asset-Backed Security
ARB
 Airport Revenue Bonds
BAB
 Build America Bond
BMO
 BMO Capital Markets
CLO
 Collateralized Loan Obligation
CME
 Chicago Mercantile Exchange
CMT
 Constant Maturity Treasury
CVR
 Contingent Value Right
DAC
 Designated Activity Company
DIP
 Debtor-In-Possession
ETF
 Exchange-Traded Fund
EURIBOR
 Euro Interbank Offered Rate
GMTN
 Global Medium-Term Note
GO
 General Obligation Bonds
IO
 Interest Only
JSC
 Joint Stock Company
LP
 Limited Partnership
MTA
 Month Treasury Average
PIK
 Payment-in-Kind
PO
 Principal Only
PR
 Prerefunded
RB
 Revenue Bonds
REIT
 Real Estate Investment Trust
REMIC
 Real Estate Mortgage Investment Conduit
SAB
 Special Assessment Bonds
SDR
 Swedish Depositary Receipt
SOFR
 Secured Overnight Financing Rate
STRIP
 Separate Trading of Registered Interest & Principal
TBA
 To-Be-Announced
Glossary of Terms Used in this Report
183
Want to know more?
blackrock.com | 800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change. 
CEFT-BK3-06/26-SAR